Visa profit beats; authorizes $1.75 billion buyback
REUTERS - Visa Inc's (V.N) quarterly profit beat analysts' estimates for the ninth quarter in a row as payment volume growth accelerated at the largest credit- and debit-card network.
The company's profit rose to $1.3 billion, or $1.93 per Class A share, from $1.0 billion, or $1.49 per Class A share, a year earlier.
Visa reported an adjusted profit of $1.82 per share, topping analysts' average estimate of $1.79 per share, according to Thomson Reuters I/B/E/S.
Total operating revenue rose 12 percent to $2.80 billion.
The Foster City, California-based company also authorized a new $1.75 billion share buyback program, raising total outstanding authorization to $2.9 billion.
Payment volumes grew 9 percent to $1.1 trillion, while processed transactions grew 4 percent.
"Visa again delivered a strong quarter of revenue and earnings driven by success across our global franchise," Chief Executive Charlie Scharf said in a statement.
Scharf, a former head of JPMorgan Chase & Co's (JPM.N) retail financial services division, took over as chief executive in November.
Smaller rival MasterCard Inc (MA.N) reported better-than expected results last week. MasterCard also doubled its quarterly cash dividend on Tuesday and said it would buy back up to $2 billion of its Class A shares.
Visa said it expects annual net revenue growth in the low double-digits and adjusted Class A earnings per share growth in the high-teens for 2013.
The company expects annual operating margin of about 60 percent.
Shares of the company closed at $160.82 on the New York Stock Exchange on Wednesday.
(Reporting by Jochelle Mendonca; Editing by Sriraj Kalluvila)
- Tweet this
- Share this
- Digg this
- Boxer Sarita Devi faces action after refusing medal at Asian Games
- UPDATE 8-Dallas Ebola patient vomited outside apartment on way to hospital
- Appointment of Arvind Subramanian as chief economic adviser hits Modi hurdle
- Boxer Sarita Devi showed lack of sportsmanship, say organisers
- China tells foreign countries not to meddle in Hong Kong
BACK IN JAIL
Subrata Roy, the jailed chief of India's Sahara conglomerate, is back in a cell after living in a makeshift prison office for two months as he tried to negotiate the sale of his luxury hotels, a jail official said. Full Article
Appointment of Arvind Subramanian as chief economic adviser hits Modi hurdle. Full Article
Diageo bars United Breweries from appointing independent director at United Spirits. Full Article