First Data Q4 Revenues Up 6%
For the fourth quarter of 2010, the company posted a net loss of $129.9m, compared to $338.4m for the same period in 2009.
Operating profit for the fourth quarter of 2010 was $159.2m, compared to operating loss of $108.6m for the same period in 2009. Expenses were $2.57 billion, compared to $2.69 billion for the same period in 2009.
For the twelve months ended December 31, 2010, the company posted a net loss of $846.9m, compared to $1.01 billion. Operating profit was $516.7m, compared to $154.8m for the same period in 2009.
Expenses for the twelve months of 2010 were $9.86 billion, compared to $9.15 billion for the same period in 2009. Revenues were $10.38 billion, compared to $9.31 billion in the same period of 2009.
First Data has generated $755m in operating cash flow, after interest payments of $1.5 billion, for the full year and finished the year with $2 billion in unrestricted liquidity-$242m in cash available for corporate use plus $1.7 billion under the line of credit.
Jonathan Judge, CEO of the company, said: â€œWe are encouraged by the solid growth in our US merchant acquiring business driven by an improving economy and related consumer spending. As we start a new year, First Data is focused on increasing profitability by driving revenue in the US and key markets in Latin America and Asia, managing through US regulatory changes, and improving operational efficiency in Europe.â€
Will the company further improve revenues in Q1?
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