April 30, 2009 / 9:18 PM / 10 years ago

UPDATE 1-Fiserv Q1 net profit falls 69 pct; backs '09 EPS view

* Q1 shr $0.66 vs $1.99 a yr-ago

* Q1 revenue falls 20 pct

* Q1 adj shr from cont ops of $0.88

* Says on track to achieve full-year targets

April 30 (Reuters) - Fiserv Inc (FISV.O), a provider of IT services and systems to the financial services sector, posted a 69 percent fall in quarterly profit as its home equity processing business was hit by the downturn in the U.S. mortgage market.

However the Brookfield, Wisconsin-based company said it was on track to achieve its full-year targets.

For the first quarter, net profit was $103 million, or 66 cents a share, compared with $329 million, or $1.99 a share, a year ago. Total revenue fell 20 percent to $1.04 billion.

However, adjusted earnings from continuing operations rose 10 percent to 88 cents a share.

Analysts expected the company to earn 85 cents a share, excluding special items, on revenue of $1.06 billion, according to Reuters Estimates.

Total expenses fell 23 percent to $826 million.

For 2009, Fiserv continues to see adjusted earnings from continuing operations of $3.61 to $3.75 per share, and adjusted internal revenue growth to be flat to up 4 percent.

Shares of the company closed at $37.32 Thursday on Nasdaq. (Reporting by Amiteshwar Singh in Bangalore; Editing by Himani Sarkar)

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