Total System Services 2Q Down 7%, But Views Still Topped

Date : 07/21/2010 @ 5:27PM
Source : Dow Jones News
Stock : Total System Services, Inc. (TSS)
Quote : 59.13  0.36 (0.61%) @ 11:20AM

Total System Services 2Q Down 7%, But Views Still Topped

Total Systems (NYSE:TSS)
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Total System Services Inc.'s (TSS) second-quarter profit fell 7% amid a decline in the company's North America revenue.

Still, results topped analysts' expectations and shares recently traded up 1.7% to $14.40 after-hours.

The payment-services provider on April 1 bought 51% of First National Solutions from the First National Bank of Omaha for $150.5 million. Chairman and Chief Executive Philip Tomlinson said Wednesday the deal allows Total System "to further diversify across the payments value chain to capture a larger share of dollars spent on payment services."

It reported earnings of $49.7 million, or 25 cents a share, down from $53.5 million, or 27 cents a share, a year earlier. Revenue increased 5.3% to $433.8 million.

Analysts surveyed by Thomson Reuters estimated earnings of 23 cents on revenue of $425 million.

Revenue in the North America services segment--by far its largest on that basis--fell 11% while they rose 2% abroad. Merchant-services revenue jumped 58% to $126.8 million on the First National deal.

-By Yogita Patel and Jennifer Cummings, Dow Jones Newswires; 212-416-2262; yogita.patel@dowjones.com

 
 

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