V Reaffirms FY10-FY11 EPS Growth

Visa (V 71.91 -3.27) reported third quarter earnings of $0.97 per share, $0.04 better than the Thomson Reuters consensus of $0.93.

Revenues rose 23.3% year-over-year to $2.03 billion, slightly better than the $1.97 billion consensus.

The company reaffirmed fiscal year 2010 and fiscal year 2011 earnings growth of 20%+ and fiscal year 2010 revenue growth at high end of 11% to 15%. Operating margin guidance is at mid to high 50% range.

Payments volume growth, on a constant dollar basis, for the third quarter was a positive 14% over the prior year at $803 billion, vs. +13% in the second quarter.

Cross border volume growth, on a constant dollar basis, was a positive 17%. Total processed transactions, which represent transactions processed by VisaNet were a positive 14% increase over the prior year.