Visa Profit Trumps Estimates; Stock Up 7%

(RTTNews) - Visa Inc (V) on Thursday reported third-quarter net income of $1.7 billion or $0.69 per class A share compared with $1.4 billion or $0.54 per share a year ago.

Excluding revaluation of the Visa Europe put option, adjusted earnings for the latest quarter were $0.74 per share, the company said.

Its revenues for the quarter rose 12% to $3.52 billion from $3.16 billion in the same quarter last year, driven by growth in service, data processing and international transaction revenues.

Analysts polled by Thomson Reuters expected the company to earn $0.59 per share on revenues of $3.36 billion for the quarter.

For the full year 2015, Visa still expects constant dollar revenue growth of low double digits; but now with an expectation of 2.5 percentage points of negative foreign currency impact, compared with prior forecast of a 2 percentage points negative impact.

It expects 2015 adjusted earnings per share growth in the mid-teens range, while earlier it expected it to be at the low-end of that range.