Visa Inc.’s (V) fiscal fourth-quarter 2013 (ended Sep 30,
2013) operating earnings of $1.85 per Class A common share were in line with
the Zacks Consensus Estimate but outpaced the prior-year quarter figure of
$1.54 per share. Results in the reported quarter included a restructuring
reserve of about 4 cents per share.
Net income increased 15.2% to $1.19 billion from $1.04
billion in the year-ago quarter. Including reversal of tax reserves of $627
million or 93 cents per share, reported net income in the year-ago quarter was
$1.66 billion or $2.47 per share.
Alongside, total operating revenues for the reported quarter
were $2.97 billion, up 8.9% year over year but lagging the Zacks Consensus
Estimate of $3.02 billion. Growth was driven by higher card spending and strong
performance across all segments.
Service revenues increased 9.6% year over year to $1.39
billion and are recognized based on payments volume in the prior quarter. All
other revenue categories are recognized based on the current quarter activity.
Data processing revenues grew 11.7% from the prior-year period to $1.19
billion. Read more.
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