Visa Q4 Results Top Estimates; Announces New $5 Bln Stock Buyback Program

(RTTNews) - Visa Inc. (V) reported net income for the fourth quarter of $1.1 billion or $1.72 per Class A share, compared to $1.2 billion or $1.85 per Class A share for the year-ago quarter.

Excluding items, adjusted net income for the latest quarter was $1.4 billion or $2.18 per Class A share.

Total operating revenues for the fourth quarter rose 9% to $3.23 billion from $2.97 billion in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to earn $2.10 per share on revenue of $3.19 billion for the fourth quarter. Analysts' estimates typically exclude special items.

The company also said its Board of Directors has authorized a new $5.0 billion class A common stock share repurchase program.

Looking forward to fiscal 2015, the company forecasts constant dollar revenue growth of low double digits and earnings per share growth of mid teens percentage.