First Data reported this morning that first quarter revenue increased 14% to $2.3 billion, and net income from continuing operations zoomed by 65% to $480 million. Payment Services and Merchant Services revenues grew by double digits, but all three units posted solid double digit gains in operating profits. First Data reports that Payment Services grew revenue 14% and operating profits 17%; Merchant Services grew revenue 28% and operating profits 25%; and, Card Issuing Services grew revenue 4% and operating profits 31%. Payment Services delivered first quarter revenue of $958 million and operating profits of $329 million. Merchant Services produced first quarter revenue of $744 million and operating profits of $154 million. Card Issuing Services posted first quarter revenue of $558 million, and operating profits of $98 million. As a result of its recent acquisition, Concord’s former “Network Services” businesses — primarily “STAR” network access and processing services — have been split between the Merchant Services segment (when revenues are driven by acquiring activities) and the Card Issuing Services segment (when revenues are driven by issuer activities). Concord’s revenue for 35 days was $128 million. It added revenue of $92 million to Merchant Services, $30 million to Card Issuing Services and $6 million to Payment Services. For complete details on First Data’s first quarter performance visit CardData ([www.carddata.com]).
FDC NET INCOME (Continuing Operations)
1Q/03: $290.8 million
2Q/03: $353.8 million
3Q/03: $380.8 million
4Q/03: $397.7 million
1Q/04: $479.9 million
Source: CardData (www.carddata.com)