Fidelity National Raises Cash-Savings Target, Issues Light 2023 Guidance
February 13 2023 - 8:12AM
Dow Jones News
By Will Feuer
Fidelity National Information Services Inc. more than doubled
its cash-savings target as it issued 2023 financial guidance that
fell short of Wall Street estimates.
The company is now targeting $1.25 billion in expected cash
savings by the end of 2024, up from a prior target of at least $500
million. The new target includes $600 million in operating-cost
savings, $300 million in reduced capital expenditures and $350
million of savings from other reductions.
For 2023, the company is targeting revenue of $14.2 billion to
$14.45 billion. Analysts surveyed by FactSet were expecting revenue
of $15 billion.
Adjusted earnings for the year are expected to be $5.70 a share
to $6 a share, below the $6.57 a share forecast by analysts,
according to FactSet.
Shares fell more than 6% to $70.60 in the premarket session.
Guidance for the current quarter was also light. The company is
targeting revenue in the first quarter of $3.38 billion to $3.43
billion, below the $3.57 billion forecast by Wall Street, according
to FactSet.
Adjusted earnings are expected at $1.17 a share to $1.23 a
share. Analysts surveyed by FactSet were looking for $1.42 a
share.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
February 13, 2023 07:57 ET (12:57 GMT)
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