Fiserv Inc. (FISV), Tuesday reported first-quarter net income of $117 million or $0.87 per share, down from $132 million or $0.94 per share last year.
On an adjusted basis, earnings for the period rose to $1.33 per share from $1.18 per share last year.
Revenues for the the quarter grew to $1.15 billion from $1.10 billion last year. Adjusted revenue rose to $1.08 billion from $1.02 billion a year ago.
Analysts polled by Thomson Reuters expected the company to report earnings of $1.34 per share on revenues of $1.20 billion for the quarter. Analysts' estimates typically exclude special items.
Moving ahead, the company lowered its adjusted earnings guidance to a range of $5.84 to $6.03 per share, from prior estimate of $5.88 to $6.07 per share. Fiserv continues to expect 2013 adjusted revenue growth to be in excess of 10 percent and adjusted internal revenue growth to be ina range of 3 to 4 percent.
Analysts currenlty estimate earnings of $5.97 per share on revenues of $4.94 billion for the quarter.
"We anticipate sequentially stronger performance this year as we benefit from the onboarding of new sales and the Open Solutions acquisition," said Chief Executive Jeffery Yabuki.
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