First Data reported a better financial picture in the first quarter, a period that also saw the company make inroads into small business technology and accelerate its support of EMV-chip card technology.
The net loss attributable to First Data in the quarter ending March 31 was $201 million, compared to a loss of $337 million the prior year. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $614 million, up 18% from $520 million in the first quarter of 2013. Consolidated revenue for the first quarter was $2.6 billion, up 2% from $2.51 billion in 2013.
"First Data delivered a very good quarter, generating double digit EBITDA growth with solid top line growth in International and steadily improving results in Financial Services," says Frank Bisignano, First Data's chairman and CEO, in an April 30 press release.
First Data's recent moves include partnering with VeriFone to add security technology for gas station payments; adding technology to its Clover Station tablet point of sale system; and reaching EMV debit routing agreements with Visa and MasterCard.