Payment processing giant First Data boosted revenue 12% for the first quarter on its fast-growing international operations, although net income dropped substantially due to the sale of its Western Union money transfer business last year. First Data earlier this month agreed to be taken private by Kohlberg Kravis Roberts for $29bn.
First-quarter sales hit $1.84bn, up from $1.64bn last year and ahead of Wall Street’s calls for $1.8bn, according to Reuters Estimates. The company’s international unit was the highlight of the quarter, with revenue up 39% to $366.5m.
Net income fell to $175.2m from $430.1m. EPS excluding items was $0.34, a penny better than analysts’ expectations. For the full year, the company stuck with its guidance of EPS between $1.20 and $1.26.