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Last Update: 01-Nov-12 08:26 ET
Visa shares rise by 2% following better than expected earnings
Visa (V $142.50 +3.74) reported fourth quarter earnings of $1.54 per share, excluding non-recurring items, $0.04 better than the consensus of $1.50, while revenues rose 14.6% year/year to $2.73 billion versus the $2.67 bln consensus. Payments volume growth, on a constant dollar basis, for the three months ended June 30, 2012, on which fiscal fourth quarter service revenue is recognized, was a positive 6% over the prior year at $978 billion. Payments volume growth, on a constant dollar basis, for the three months ended September 30, 2012, was a positive 6% over the prior year at $1 trillion. Cross-border volume growth, on a constant dollar basis, was a positive 10% for the three months ended September 30, 2012. Total processed transactions, which represent transactions processed by VisaNet, for the three months ended September 30, 2012, were 14 billion, a positive 2% increase over the prior year. FY13 outlook: Annual net revenue growth in the low double digits; Adjusted annual diluted class A common stock earnings per share growth: High teens; adj. annual operating margin of ~60%. The company authorizes a new $1.5 billion repurchase program and increases quarterly dividend payment by 50%.
