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Visa ends its fiscal year with a 12% increase in net operating revenues.
Photo:
Keith Srakocic / Associated Press
Visa
Inc.
V -3.49%
closed fiscal year with record earnings and revenues, posting strong performance with double-digit percentage increases in the number of transactions and payments processed.
The San Francisco-based company, the largest US card network in terms of the number of cards in circulation and in number of transactions, recorded a volume of payments up 11% in the fourth quarter and full year, while the cross-border volume increased by 10%. Cross-border transactions usually result in higher fees.
Visa's results appear as card issuers in recent quarters have been boosted by higher consumer spending, which has increased revenues and profits.
In total, fourth quarter earnings increased 33% to $ 2.85 billion, or $ 1.23 per Class A share.
Net operating revenues increased 12% to $ 5.43 billion.
Analysts surveyed by FactSet have projected $ 1.19 per share for a business turnover of $ 5.44 billion.
This year, Visa expects an increase in earnings per share in the upper portion of the teenage age group and an increase in revenue of 2 to 10%, compared to analysts' expectations that earnings per share is expected to grow about 20% and income about 11%.
In September, Visa agreed to pay about $ 4.1 billion under a settlement related to a long-standing dispute with traders regarding the fees they pay when they agree to card payments from their customers. The agreement, which also included
MasterCard
Inc.
and other financial institutions, have covered monetary claims but have not resolved collective claims to change the rules of the network.
Write to Maria Armental at [email protected]
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