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Credit card processor () late Wednesday posted fourth quarter results that beat analysts? expectations, sending its shares higher Thursday.
Shares were up 3.364 per cent as at about 2:30 p.m., trading at $143.81.
For the quarter ended September 30, said its net income was $1.7 billion or $2.47 per diluted share, nearly double the $880 million, or $1.27 in the year-ago period.
Excluding certain items, adjusted net income was $1 billion or $1.54 per diluted share.?
Revenue rose 15 per cent year-over-year to $2.73 billion.
Analysts polled by FactSet had expected per share earnings of $1.50 on revenue of $2.68.
" delivered strong financial performance for the fourth quarter and full year, a result of our focus on growing our core business, accelerating expansion of our business outside the U.S and investing in next-generation technologies that will define the future of payments," said chairman and CEO Joseph Saunders.
"With our solid record of growth and sound strategy, has a strong foundation for continued long-term growth as technology-enabled change continues to shape our global market.??
Payments volume growth on a constant dollar basis, for the three months ended June 30 - on which fiscal fourth quarter service revenue is recognized, was up six per cent over the prior year at $978 billion.
Payments volume growth on a constant dollar basis, for the fourth quarter was also up six per cent over the prior year at $1 trillion.
said cross-border volume growth, on a constant dollar basis, increased 10 per cent and total processed transactions, which represent transactions processed by Net, were up two per cent year-over-year to 14 billion.
Service revenues were up 14 per cent to $1.3 billion, data processing revenues rose 15 per cent to $1.1 billion.?
International transaction revenues, which are driven by cross-border volume, grew five per cent to $796 million.
said other revenues, which include the Europe licensing fee, were $172 million, flat compared to the prior year.?
Client incentives were $563 million and represent 17 per cent of gross revenues.
Total reported operating expenses were up 18 per cent in the fourth quarter, to $1.2 billion.
Cash, cash equivalents, restricted cash, and available-for-sale investment securities were $10.5 billion as at September 30.
Looking ahead to 2013, said it expects annual net revenue growth in the ?low double digits?, with adjusted diluted earnings per share growth in the ?high teens?.
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