WASHINGTON (dpa-AFX) - TSYS (TSS) Tuesday reported a drop in profit for the fourth quarter, hurt largely by 20% drop in revenues.
Columbus, Georgia-based TSYS' fourth-quarter profit dropped to $136.4 million or $0.74 per share from $242.2 million or $1.31 per share last year.
Excluding items, adjusted earnings increased to $197.50 million or $1.08 per share from $151.0 million or $0.82 per share last year. Analysts polled by Thomson Reuters expected earnings of $1.07 per share. Analysts' estimates typically exclude special items.
TSYS' revenue for the quarter fell 20% to $1.02 billion from $1.27 billion last year. The decrease in revenues is the result of adopting ASC 606, the company said.
Net revenues, which excludes reimbursable items, interchange and payment network fees, was $959.3 million, an increase of 10.2%. Analysts had a consensus revenue estimate of $973.15 million.
Looking forward to full year 2019, the company expects adjusted revenues of $3.99 to $4.09 billion and earnings of $4.75 to $4.90 per share. Analysts currently estimate earnings of $1.18 and revenues of $1.01 billion for the quarter.
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