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Visa/MasterCard earnings higher than expected

November 1, 2012

Visa, posted fiscal Q4 net income of $1.66 bn (+89% y-o-y), or $1.54 a share (adjusted basis, Bloomberg consensus: $1.50), on a 15% rise in operating revenue to $2.73 bn (+15%, expected: $2.67 bn). 2013 EPS growth is seen in the “high teens.” By comparison, Q3 profit at rival MasterCard climbed 7.7% to $772 m, or $6.17 a share (median analyst estimate: $5.92), on 6% higher net revenue of $1.92 bn (est.: $1.94 bn), lifted by growth in volumes (+12%) and processed transactions (+24%).