Fidelity National
Insurance Services (FIS) has reported net earnings from continuing
operations for fiscal 2010 of $447.6m, compared to $106.4m in the
prior year.
In 2010, FIS revenue
grew 42%, to $5.3bn. Stripping out Metavante, acquired by FIS in
October 2009, FIS’ adjusted revenue grew by 4.2%.
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For 2011, FIS forecast
revenue growth of 9% to 11% (4% to 6% organic revenue
growth).
Frank Martire, president
and chief executive officer of FIS said: “It was a very good year
for our company. Full year revenue growth and earnings per
share exceeded our expectations, and we are excited about the
momentum we have as we enter 2011.”
In a conference call, he
told analysts that there was evidence of an increase in demand for
core processing upgrades in 2011.
Release of FIS’ results
followed rival Fiserv posting a 4.2% increase in net profit to
$496m; total revenue increased by 1.4% to $4.13bn.
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By GlobalData“We delivered on our
commitments of returning to positive revenue growth while
increasing earnings and generating a record level of free cash
flow,” said Jeffery Yabuki, President and CEO of Fiserv.
Fiserv expects 2011
adjusted internal revenue growth to be in a range of 2% to
4%.
Fiserv forecast 2011
adjusted earnings per share to be in a range of $4.42 to $4.54, up
by around 9% to 12% compared with $4.05 in 2010.
