Fidelity National Raises Cash-Savings Target, Issues Light 2023 Guidance

By Will Feuer

Fidelity National Information Services Inc. more than doubled its cash-savings target as it issued 2023 financial guidance that fell short of Wall Street estimates.

The company is now targeting $1.25 billion in expected cash savings by the end of 2024, up from a prior target of at least $500 million. The new target includes $600 million in operating-cost savings, $300 million in reduced capital expenditures and $350 million of savings from other reductions.

For 2023, the company is targeting revenue of $14.2 billion to $14.45 billion. Analysts surveyed by FactSet were expecting revenue of $15 billion.

Adjusted earnings for the year are expected to be $5.70 a share to $6 a share, below the $6.57 a share forecast by analysts, according to FactSet.

Shares fell more than 6% to $70.60 in the premarket session.

Guidance for the current quarter was also light. The company is targeting revenue in the first quarter of $3.38 billion to $3.43 billion, below the $3.57 billion forecast by Wall Street, according to FactSet.

Adjusted earnings are expected at $1.17 a share to $1.23 a share. Analysts surveyed by FactSet were looking for $1.42 a share.

Write to Will Feuer at [e-mail]

(END) Dow Jones Newswires

February 13, 2023 07:57 ET (12:57 GMT)

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