First Data Corp. said Tuesday it earned $12 million in the last three months of 2014, its first quarterly profit since private equity firm KKR acquired the Atlanta company in 2007.
First Data, which processes credit card payments and other transactions, said it also had record revenue of $2.9 billion during the quarter that was 3 percent higher than the year-earlier period.
The company, which had a $123 million loss in the fourth quarter of 2013, said it was able to notch a profit last quarter with the help of lower interest rates and higher revenues and operating profits.
“Our historic fourth quarter, and the year as a whole, demonstrated the continued transformation of First Data,” said Frank Bisignano, First Data’s CEO. “This past year saw the launch of numerous new products, the development of strategic partnerships, and a significantly strengthened capital position.”
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