Fiserv (NASDAQ:FISV) reported adjusted Q1 EPS of 88 cents, topping consensus estimates of 85 cents. Revenues fell 20% year-over-year to $1.04 billion, below consensus estimates of $1.06 billion. Free cash flow for the quarter increased 9% to $189 million compared with 2008. Company affirmed its 2009 EPS guidance of $3.61-$3.75, vs. consensus estimates of $3.63. The company expects 2009 adjusted internal revenue growth to be in a range of 0-4%. "Our results showcase the strength of our business model as we continue to deliver highly valued products and services across the financial services market," said Jeffery Yabuki, President and Chief Executive Officer of Fiserv. "In spite of the expected revenue weakness in the quarter, we managed the business to optimize margins and grew adjusted earnings per share ten percent. In addition, we took proactive steps to increase our investments in several key areas that should enhance market differentiation and boost growth. We are pleased with our start to the year... We are on track to achieve our full-year targets in a watershed year for the financial services industry."

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