Fiserv Inc. will postpone its March 25th investor conference in New York until later this year amid heightened concerns about the coronavirus outbreak. The company expects to hold the conference in the fall, however, a specific date has not been set.
"The well being of our clients, associates and shareholders is our number one priority," Jeffrey Yabuki, chairman and CEO of Fiserv, said in a company release. "Although we are disappointed to postpone our Investor Day due to the current environment, we are looking forward to sharing our strategic, operational and financial plans with investors later in the year."
Fiserv also updated cost savings and revenue forecasts related to its 2019 acquisition of First Data. The payments firm now expects to achieve $1.2 billion of run-rate cost synergies and more than $600 million in cost synergies for the five years ending in 2024. The new targets represent $300 million and $100 million, respectively, compared with the original forecasts.
The company reaffirmed its prior estimates of 6% to 8% internal revenue growth and adjusted earnings per share growth of 23% to 27%.
"We remain comfortable with our outlook for the full year based on the diversity and resilience of our business along with our current view of the market," he said.
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