Strong growth in transaction processing and core banking volume helped drive up first-quarter revenue for Metavante Technologies Inc.
The Milwaukee company reported Tuesday that its revenue had climbed 10% from the same quarter last year, to $424.6 million. It also reported net income of $35 million, or 29 cents a share, but it did not provide a year-earlier figure, because Metavante was a unit of Marshall & Ilsley Corp. of Milwaukee until a November spinoff.
Frank Martire, Metavante's president and chief executive, said in an interview that his company's revenue growth was largely unaffected by the slumping economy and the ongoing issues in the credit market, because consumers continue to make purchases on their debit cards.
Metavante's prepaid and debit card units tend to handle "essential payment activities," Mr. Martire said. "In those businesses that are affected by consumer behavior, we are not seeing any slowdown."
His company raised its full-year earnings guidance to a range of $1.15 to $1.20 a share, compared with an earlier forecast of $1.12 to $1.16.
Tim Oliver, Metavante's chief financial officer, said the guidance reflects the growth trends but is tempered by concerns about the economy.
"If conditions slow down, or our bank clients rein in their spending and sit on their wallets, we want to make sure our guidance reflects that," Mr. Oliver said.
