First Data Reports 14% Increase in Net Income

First Data Corp. reported a 14% increase in fourth-quarter earnings, citing strong growth of its Western Union money-transfer network.

The electronic financial transaction company said it earned $401.6 million, or 55 cents a share, up from $352.5 million, or 46 cents, a year earlier. Revenue rose 11% to $2.24 billion.

First Data, based in Denver, is merging with Memphis, Tenn.-based Concord EFS Inc. First Data Chief Executive Charlie Fote said he expected the merger to lead to 20% revenue growth in 2004 and earnings per share in the range of $2 to $2.18.

First Data shares fell 68 cents to $38.37 on the NYSE.