The card payments processor Total System Services Inc.'s first-quarter revenue grew as economic improvements prompted higher card use, even though its net income slipped.
The Columbus, Ga., company, which performs processing services for retailers and banks, said its net income fell 4.6% to $49.4 million from a year earlier. It recorded diluted earnings per share of 25 cents, down from 26 cents a year earlier. Its revenue grew 3.9% to $429.4 million.
Analysts had estimated 25 cents per share, according to Thomson Reuters.
Philip Tomlinson, TSYS' chairman and chief executive, said economic momentum "continues to move us forward," citing a 9.6% increase in transaction volume for its same-client cardholders.
The number of accounts it recorded on file as of March 31 grew 10.3% to 356.7 million.
However, the number of point of sale transactions processed for its merchant clients declined 8.3% to 1.2 billion.
