FIS sees little change in revenues in Q3 2022
FIS (NYSE:FIS), a global leader in financial services technology, today reported its financial results for the third quarter of 2022.
On a GAAP basis, revenue increased by approximately $100 million, or 3% as compared to the prior-year period, to $3.6 billion. Net earnings attributable to common stockholders were $249 million or $0.41 per diluted share.
On an organic basis, revenue increased 5% as compared to the prior-year period. Adjusted net earnings decreased 1% as compared to the prior-year period to $1.1 billion, and adjusted net earnings per share increased 1% to $1.74 per diluted share.
Banking Solutions revenue increased by 4% on a GAAP basis, and 6% on an organic basis as compared to the prior-year period to $1.7 billion due to continued strength in recurring revenue and timing of license sales.
Merchant Solutions revenue increased by 2% on a GAAP basis, 5% on an organic basis as compared to the prior-year period to $1.2 billion.
Capital Market Solutions revenue increased by 3% on a GAAP basis and 6% on an organic basis as compared to the prior-year period to $671 million.
Gary Norcross, FIS Chairman and Chief Executive Officer, commented:
“Despite deteriorating macroeconomic conditions, FIS delivered third quarter revenue and earnings in-line with its prior outlook. We are taking actions to ensure the company is well positioned to drive profitable growth as we continue to face an uncertain macro-environment.
I am excited about the future of FIS under the strategic leadership of accomplished executive, Stephanie Ferris, who will assume the CEO role effective January 1, 2023. I look forward to our continued collaboration as I transition to my new role as FIS’ Executive Chairman of the Board.”
FIS announced on October 18, 2022 that effective January 1, 2023, Gary Norcross will assume a new full-time role as Executive Chairman of the FIS Board of Directors and Stephanie Ferris, President of FIS, will assume the role of FIS President and Chief Executive Officer (CEO). She has also been appointed to the FIS Board of Directors effective as of October 18th.