FIS

FIS Issues FY24 Guidance; Announces $500 Mln Increase To Share Repurchase

(RTTNews) - Fidelity National Information Services (FIS) said, for fiscal 2024, the company expects: adjusted EPS in a range of $4.66 - $4.76 and revenue in a range of $10.10 billion - $10.15 billion. For the first quarter, the company expects: adjusted EPS in a range of $0.94 - $0.97; and revenue in a range of $2.43 billion - $2.455 billion.

Fourth quarter earnings came in at $64 million, or $0.11 per share compared with $109 million, or $0.18 per share, a year ago. Excluding items, adjusted earnings from continuing operations was $0.94 per share compared to $0.98, last year. Analysts on average had expected the company to earn $0.94 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 0.8% to $2.51 billion from $2.53 billion last year. Analysts on average had estimated $2.53 billion in revenue.

As of December 31, 2023, on a continuing operations basis, the company achieved annualized run-rate Future Forward cash savings of over $550 million exiting the quarter. The company increased its target for operational expense savings and reiterated target for total cash savings exiting 2024 of $1.0 billion, of which over 75 percent represents run-rate cash savings.

The company said it remains committed to shareholder returns and increased goal to repurchase at least $4.0 billion of shares by year end 2024, up from the previous goal of at least $3.5 billion.

On February 25, FIS' Board approved a regular quarterly dividend of $0.36 per common share. The dividend is payable on March 22, 2024, to shareholders of record as of close of business on March 8, 2024.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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