BROOKFIELD, Wis. – In another sign of the economic slowdown, Fiserv yesterday reported an almost 8% decline in second quarter earnings, to $99 million, or 60 cents a share.
Fiserv is the biggest third-party partner for credit unions and provides services to more than 4,000 credit unions.
Second quarter revenues, which include last year’s CheckFree acquisition for the first time, were up 38% to $1.3 billion.
Non-recurring items continued to boost Fiserv in the first half, which included a $223 million gain from the sale of the company’s Fiserv Health unit, enabling the company to report a 97% increase in first-half earnings, to $428 million.
The July sale of a 51% stake in the company’s insurance business for $510 million will boost third quarter results, the company reported.
Boosted by the CheckFree acquisition, total revenues for the first six months were up 38% to $2.6 billion.
