Metavante Technologies Inc. reported second-quarter earnings Thursday that topped analysts' estimates, and raised its full-year forecast.
The banking technology vendor said its net income grew 41% compared with last year's second quarter, to $51.9 million, or 43 cents a share. Revenue grew 4%, to $440.3 million.
The Milwaukee company credited "cost productivity and the benefit of advantageous revenue mix."
Metavante's cash earnings, its preferred measure of operating results, were 48 cents a share, topping Wall Street's average estimate of 40 cents a share on revenue of $432.9 million.
On the strength of its first-half results, the company said it now expects full-year earnings growth to exceed its previous guidance of 12% to 16% growth, though it did not say by how much. It said it expects organic revenue growth to come in at the lower end of its previous guidance range of 3% to 4%.
Metavante said the outlook does not incorporate its deal to sell itself to its larger rival, Fidelity National Information Services Inc. of Jacksonville, Fla. It said it expects the deal to close by yearend.
