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Last Update: 27-Oct-11 10:51 ET
Visa Tops Fourth Quarter Expectations; Reaffirms Fiscal Year 2012 Guidance
Visa (V $92.32 +0.30) reported fourth quarter earnings of $1.27 per share, $0.02 better than the Capital IQ Consensus Estimate of $1.25.
Revenues rose 12.6% year/year to $2.38 billion versus the $2.39 billion consensus.
The company reaffirmed its financial outlook for the following metrics through 2012: Annual net revenue growth: high single to low double digit range; and Adjusted annual diluted class A common stock earnings per share growth: mid to high teens range; with client incentives as a percent of gross revenues: 17% to 18% range; annual operating margin: ~60%. Payments volume growth, on a constant dollar basis, for the three months ended June 30, 2011, on which fiscal fourth quarter service revenue is recognized, was a positive 14% over the prior year at $941 billion.
Payments volume growth, on a constant dollar basis, for the three months ended Sept 30, 2011, was a positive 13% over the prior year at $970 billion. Cross border volume growth, on a constant dollar basis, was a positive 15% for the three months ended Sept 30, 2011. Total processed transactions, which represent transactions processed by VisaNet, for the three months ended September 30, 2011, were 13 billion, a positive 9% increase over the prior year.
During the three months ended September 30, 2011, the co repurchased ~5.2 million class A common shares, at an average price of $80.87 per share, for a total cost of $423 million. Company announces that its Board of Directors has authorized a $1 billion increase to its previously announced $1 billion share repurchase program. The authorization will be in place through July 20, 2012, and is subject to further change at the discretion of the Board.
Revenues rose 12.6% year/year to $2.38 billion versus the $2.39 billion consensus.
The company reaffirmed its financial outlook for the following metrics through 2012: Annual net revenue growth: high single to low double digit range; and Adjusted annual diluted class A common stock earnings per share growth: mid to high teens range; with client incentives as a percent of gross revenues: 17% to 18% range; annual operating margin: ~60%. Payments volume growth, on a constant dollar basis, for the three months ended June 30, 2011, on which fiscal fourth quarter service revenue is recognized, was a positive 14% over the prior year at $941 billion.
Payments volume growth, on a constant dollar basis, for the three months ended Sept 30, 2011, was a positive 13% over the prior year at $970 billion. Cross border volume growth, on a constant dollar basis, was a positive 15% for the three months ended Sept 30, 2011. Total processed transactions, which represent transactions processed by VisaNet, for the three months ended September 30, 2011, were 13 billion, a positive 9% increase over the prior year.
During the three months ended September 30, 2011, the co repurchased ~5.2 million class A common shares, at an average price of $80.87 per share, for a total cost of $423 million. Company announces that its Board of Directors has authorized a $1 billion increase to its previously announced $1 billion share repurchase program. The authorization will be in place through July 20, 2012, and is subject to further change at the discretion of the Board.
