Fidelity National Information Services Inc., or FIS, reported April 26 a first-quarter profit of $95.8 million, down less than 0.3% from $96.1 million a year earlier, as corporate expenses climbed.
The Jacksonville, Fla.-based company said April 26 that corporate expenses totaled $103.7 million, up 9.2% from $95 million a year earlier. Net interest expense, excluding refinancing costs, fell more than 12.6%, to $59.4 million from $68 million, because of lower borrowing costs and a reduction in total debt outstanding.
FIS’s revenue from continuing operations increased 5.1%, to $1.45 billion from $1.38 billion, year over year as it saw improvements in its Financial Solutions, Electronic Transactions and International Solutions businesses. Financial Solutions revenue increased 7%, to $538.9 million from $503.7 million, because of growth in business from processing, professional services and global commercial services, the company said in its earnings release.
Increases in electronic transactions led to Payment Solutions revenue to rise more than 2.6%, to $630.6 million from $614.5 million. International Solutions revenue totaled $276.8 million, up 3.2% from $268.1 million a year earlier.
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