Loyalty information services (FIS) released results on Tuesday, August 4, which show organic growth in banking and capital market solutions at 4% and 3% year-on-year respectively, while it has made progress in synergies following its acquisition of Worldpay in 2019.
Gary Norcross, the chairman and chief executive of FIS, said company employees had a “very strong quarter” despite challenges from the coronavirus.
“The pandemic has been a catalyst, driving us to achieve exceptional results – while maintaining our implementation, treatment and product development commitments to our customers and prospects,” said Norcross.
The executive noted that new sales brought in more than $ 1 billion in total contract value in the second quarter, even with shelter-in-place measures. Norcross said customers are looking for “new ways to turn their legacy technology into a frictionless digital experience.”
Management noted the integration of Worldpay and the associated synergies occur “well ahead of schedule”. For this reason, the company remains on track to meet or exceed its reported revenue synergy targets for the end of 2020.
The company said it achieved annual synergies in the second quarter with revenue synergies of approximately $ 115 million and expense synergies of over $ 700 million.
As for its overall results, FIS reported adjusted earnings per share of $ 1.15 on $ 2.96 billion of revenue for the second quarter. The results exceeded analysts’ expectations for earnings per share of $ 1.10 over $ 2.88 billion in revenue.
“Our second quarter results reflect our ability to leverage the strength of our broad portfolio and the resilience of our business model to successfully position FIS in attractive markets and execute our growth strategy,” Norcross noted.