Visa (V) Posts Better-Than-Expected Q3 Profit, Sales
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Net income including non-controlling interest: 1.27B
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EPS Growth %: +20.0%
Financial Fact:
Net income including non-controlling interest: 1.27B
Today's EPS Names:
RXN, KID, CNET, More
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Visa (NYSE: V) reported results for the three months ended June 30th, 2012 Wednesday afternoon.
The world's largest credit-card processor posted third-quarter sales of $2.57 billion, up nearly 11 percent from the $2.32 billion reported during the same quarter of 2011. Analysts were expecting sales of $2.52 billion for the quarter.
Service sales rose 15 percent to $1.22 billion, Data Processing sales were up 17 percent to $1.04 billion, and International Transaction sales were up 13 percent to $748 million.
GAAP net loss totaled $1.8 billion, inclusive of a litigation provision of $4.1 billion related to the previously announced settlement agreement in the Multi-District Litigation case. Excluding this charge, non-GAAP net income was up 25 percent to $1.1 billion, or $1.56 per share. The Street was looking for EPS of $1.45.
Chairman and CEO Joseph Saunders said, "Visa once again reported solid global growth in payments volume, cross border transactions and processed transactions outside the U.S., executing on our strategy of growing the electronification of payments worldwide. We are pleased that we were able to come to a resolution in the merchant litigation which was acceptable to most parties while ensuring the long-term health of the U.S. payments industry. As we look forward, we remain focused on launching new payment solutions and products for our financial and merchant partners and consumers, while supporting the Visa brand and the advancement of electronic payments."
Visa said payments volume growth was up 6 percent year over year to $979 billion.
Visa's Board authorized a new $1 billion buyback plan.
The company is looking for 2012 adjusted EPS growth in the low twenties range. Visa reaffirmed annual sales growth in the low double digits and free cash flow greater than $4 billion.
Shares of Visa are up nearly 1 percent to $123.45 in Wednesday's post-market session.
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The world's largest credit-card processor posted third-quarter sales of $2.57 billion, up nearly 11 percent from the $2.32 billion reported during the same quarter of 2011. Analysts were expecting sales of $2.52 billion for the quarter.
Service sales rose 15 percent to $1.22 billion, Data Processing sales were up 17 percent to $1.04 billion, and International Transaction sales were up 13 percent to $748 million.
GAAP net loss totaled $1.8 billion, inclusive of a litigation provision of $4.1 billion related to the previously announced settlement agreement in the Multi-District Litigation case. Excluding this charge, non-GAAP net income was up 25 percent to $1.1 billion, or $1.56 per share. The Street was looking for EPS of $1.45.
Chairman and CEO Joseph Saunders said, "Visa once again reported solid global growth in payments volume, cross border transactions and processed transactions outside the U.S., executing on our strategy of growing the electronification of payments worldwide. We are pleased that we were able to come to a resolution in the merchant litigation which was acceptable to most parties while ensuring the long-term health of the U.S. payments industry. As we look forward, we remain focused on launching new payment solutions and products for our financial and merchant partners and consumers, while supporting the Visa brand and the advancement of electronic payments."
Visa said payments volume growth was up 6 percent year over year to $979 billion.
Visa's Board authorized a new $1 billion buyback plan.
The company is looking for 2012 adjusted EPS growth in the low twenties range. Visa reaffirmed annual sales growth in the low double digits and free cash flow greater than $4 billion.
Shares of Visa are up nearly 1 percent to $123.45 in Wednesday's post-market session.
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