First Data Climbs After Second-Quarter Profit Beats Estimatesby
First Data Corp., the payments processor that went public last year, climbed after posting second-quarter profit that beat analysts’ estimates.
First Data shares gained as much as 6.1 percent, the most intraday since May, and were up 5.7 percent to $13.10 at 9:49 a.m. in New York. The stock has declined 19 percent since its October initial public offering.
Net income rose to $152 million from a net loss of $26 million a year earlier, the New York-based firm said Monday in a statement. Adjusted profit, which excludes one-time items such as debt-extinquishment charges and restructuring costs, was 35 cents a share, beating by one cent the average estimate of 23 analysts surveyed by Bloomberg. Revenue climbed 1.9 percent to $2.93 billion.
“Top-line results were in-line with our expectations,” Darrin Peller, a Barclays Plc analyst, said in a note to clients, “with the bottom line beating both our model and the street on strong expense management.”