October 28, 2008 / 11:54 AM / 10 years ago

UPDATE 1-Metavante Q3 meets estimates, ups FY profit view

* Q3 EPS $0.29 in-line with estimates

* Q3 rev $424.5 mln vs estimates $421.9 mln

* Sees beating previous FY earnings view

Oct 28 (Reuters) - Metavante Technologies Inc MV.N, which provides payment processing services to financial firms, posted a quarterly profit that met market expectations and said it expects to beat its full-year net and cash earnings forecasts.

The company, spun off by Marshall & Ilsley Corp MI.N last year, also said it expects to hit the high end of its organic revenue growth view.

The company posted third-quarter net profit of $35.1 million. Its cash net profit was $41.6 million, or 35 cents a share.

Third-quarter organic sales growth of 4 percent was driven by higher transaction volumes in the payment solutions group, which rose 7 percent. [ID:nWNAB2823]

The company’s now expects 2008 organic revenue growth of about 6 percent. Net earnings are expected to exceed $1.20 a share and cash earnings are expected to be more than $1.41 a share.

Metavante shares, which are trading at its lowest levels since the spin-off, closed at $11.87 Monday on the New York Stock Exchange. (Reporting by Savio D’Souza in Bangalore; Editing by Anil D’Silva;)

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