BROOKFIELD, Wis.—Fiserv Inc., which provides information management systems and services, on Wednesday said its profit nearly tripled in the first quarter, boosted by a hefty gain from asset sales.
Net income increased to $329 million, or $1.99 per share, from $114 million, or 66 cents per share, a year ago. The company said its per-share results were boosted by $1.40 per share from gains on its recent sales.
Fiserv sold its Fiserv Health business in January, and the bulk of its Fiserv Investment Support Services business in February.
Its adjusted income from continuing operations -- which excludes results from businesses that have been, or are in the process of being sold -- totaled $130 million, or 78 cents per share.
Revenue grew 39 percent to $1.31 billion from $944 million, in the year-ago period.
Analysts polled by Thomson Financial expected the company to earn 76 cents per share in the quarter, with sales of $1.24 billion.
Shares of Fiserv fell $3.55, or 7 percent, to $47 in aftermarket trading, after closing the regular session down 81 cents at $50.55.
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