Fiserv Inc.’s FISV first quarter 2016 adjusted earnings from continuing operations of $1.06 per share came ahead of the Zacks Consensus Estimate of $1.02 and improved 19.1% from the year-ago quarter Fiserv Inc. (FISV) Street Actual & Estimate EPS - Last 5 Quarters | FindTheCompany Total revenue increased 4.4% year over year to $1.331 billion but missed the Zacks Consensus Estimate of $1.338 billion. Adjusted revenues grew 5% year over year to $1.25 billion.Segment-wise, Payments and Industry Products adjusted revenues increased 7.6% year over year to $749 million. Financial Institution Services revenues were up 1% year over year to $599 million.Internal revenues rose 4% driven by growth in Payments (up 7%) and Financial (up 1%) segments. Foreign currency negatively impacted internal revenue growth by about 20 basis points (bps) in the quarter along with 110 bps from the timing of financial segment’s license-related revenue and another 40 basis points from the EMV revenue deferral.Source-wise, total Processing and services revenues increased 5.2% on a year-over-year basis to $1.122 billion while Product revenues were almost flat year over year at $209 million.MarginsAdjusted operating income increased to $399 million, up 7.5% from $371 million in the year-ago quarter. The company’s adjusted operating margin of 31.9% increased 80 bps on a year-over-year basis.Other Financial DetailsAs of Mar 31, 2016, Fiserv had cash and cash equivalents of $283 million compared with $275 million as on Dec 31, 2015. Fiserv’s cash from operating activities for the year ended Mar 31, 2016 was $509 million, up nearly 47.1% from the prior-year period. The company’s free cash flow came in at $298 million, an increase of 11.2% on a year-over-year basis. Long-term debt at year end was $4.445 billion.Fiserv repurchased 3.4 million shares for $321 million in the quarter. Fiserv had 14 million shares remaining for buyback as of Mar 31, 2016. In the fourth quarter of 2015, the company had authorized a new 15 million share buyback plan.GuidanceFor 2016, Fiserv continues to project adjusted earnings per share in a range of $4.32 to $4.44, representing 12% to 15% growth over 2015 levels. It expects adjusted internal revenues to increase 5% to 6%.Our TakeWe believe the growth in Fiserv’s financial and payment solutions business is backed by a broad customer base and key contract wins. Additionally, with 4 million users on Mobiliti ASP, it remains a major growth driver. Moreover, the company expects revenues from base solutions like DNA, Agiliti, EMV and Now, to grow in 2016 and beyond. However, investors should keep in mind that tightening regulations in the banking and financial services industry could have negative long-term impact.We also believe that intensifying competition from the likes of Equifax Inc. EFX, Fidelity National Information Services, Inc. FIS and Global Payments Inc. GPN remains a concern.Currently, Fiserv has a Zacks Rank #2 (Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report EQUIFAX INC (EFX): Free Stock Analysis Report FIDELITY NAT IN (FIS): Free Stock Analysis Report FISERV INC (FISV): Free Stock Analysis Report GLOBAL PAYMENTS (GPN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research