Metavante Technologies Inc. (MV) posted second quarter net income of $36.9 million, compared to $42.9 million reported in the prior year quarter. Earnings per share for the latest quarter amounted to $0.31, and Cash earnings totaled $0.36 per share in the second quarter of 2008. The company stated that comparison of either of these financial metrics to prior year results is not meaningful due to the significantly different capital structure of the company prior to the separation from Marshall & Ilsley Corp. in November 2007.
The company's cash net income declined to $43.7 million from $48.1 million in the year-ago quarter. Adjusted cash net income totaled $43.7 million, down from prior year's income of $48.9 million.
Quarterly revenues advanced to $424.8 million from $395.7 million posted in the comparable quarter of the previous year.
Analysts polled by First Call/Thomson Financial expected the company to report earnings of $0.34 per share, on revenues of $419.10 million for the quarter.
Looking ahead, the company still expects full year 2008 earnings to be in the range of $1.15 - $1.20, and cash earnings to range between $1.36 and $1.41 per share. Organic revenue growth for the year 2008 is projected to be in range of 4% - 6%. Wall Street analysts have a consensus earnings estimate of $1.39 per share for the year 2008.
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