Q4 snap: in-line qtr, CY18 EPS guidance light
First Data adj. EBITDA was 3% ahead, but adjusted EPS of 44c was in-line, offset by higher depreciation and tax. Importantly, the largest subsegment GBS North America improved to flat versus -3% in Q3, on an organic cc basis. But GFS slipped into decline. CY18 revenue guidance brackets consensus but EPS guidance of $1.35-1.40 is ~8% below the Street, potentially due to higher interest expense as rates rise.First Data engages in commerce-enabling technology and solutions for merchants, financial institutions, and card issuers. The company's segments are: Global Business Solutions, which provides retail point-of-sale (POS) merchant acquiring and eCommerce services as well as offerings such as mobile payment services and cloud-based Clover POS operating system; Global Financial Solutions, which provides credit, retail private-label, commercial card as well as licensed financial software systems; and Network & Security Solutions, which provides electronic funds transfer network solutions, debit card processing solutions, stored value network solutions, and security and fraud solutions.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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