JACKSONVILLE, Fla. – FIS yesterday reported its third quarter earnings dropped 36% to $86.8 million, due to a $56-million loss associated with the sale of its Healthcare Benefit Solution unit in August.
FIS incurred an after-tax GAAP loss of approximately $56 million related to the sale, which is included in discontinued operations.
Third quarter revenue was up 3% to $1.44 billion. For the nine months of the year FIS reported a 3% rise in revenue to $4.3 billion, and an 8% decline in earnings to $324.5 million.
FIS completed the sale of Healthcare Benefit Solutions on Aug. 15 in a $335 million (approximately $220 million after tax) all-cash transaction. The Healthcare Benefit Solutions business is classified as a discontinued operation for all periods presented in accordance with GAAP.