First Data, a US-based payment technology solutions company, has posted a net income of $948m for the fourth quarter of 2017, an increase of $756m over the corresponding year ago quarter.

The company attributed the surge in profit to significant discrete tax items in the current period.

For the quarter ended 31 December 2017, the company’s revenue was $3.15bn, a rise of 7% compared to the year ago period.

Total segment earnings before interest, taxes, depreciation, and amortization in the fourth quarter was $848m, a jump of 10% over the year ago quarter.

Commenting on the results, First Data chairman and CEO Frank Bisignano said: “The fourth quarter capped a solid year of performance for First Data as we executed across all aspects of our strategy and delivered financial results that met our guidance.

“We generated growth, invested in innovation and strategic M&A to further enhance our industry-leading products and services, and generated substantial cash flow, while maintaining our focus on expense management.”

The firm’s metric guidance for this year includes a total segment revenue range of 5% to 7%, 7% to 9% total segment EBITDA and free cash flow of more than $1.4bn.