Visa: Beating Earnings Estimates … Priceless (NYSE:V)

Posted by uspost Video Thursday, July 29th, 2010

7/28/2010-Visa (NYSE:V) reported fiscal Q3 EPS of $0.97, topping consensus estimates of $0.93.

Revenues rose to $2.03 billion, topping consensus estimates of $1.97 billion.

Total processed transactions, which represent transactions processed by VisaNet, for the three months ended June 30, 2010 totaled 11.7 billion, were a positive 14% increase over the prior year.

Visa reaffirmed its outlook, targeting volume and support incentives as a percent of gross revenues to come in the high end of the 16% to 17% range.

Joseph Saunders, Chairman and Chief Executive Officer of Visa, said QUOTE: “Visa delivered a solid financial performance during our fiscal third quarter as we saw continued improvements in global cross border and payments volume growth. As we look to the remainder of our fiscal 2010 year, we remain focused on integrating our recent acquisition of CyberSource, maintaining strong financial performance and expense control discipline. It goes without saying, the United States debit market will undergo changes following implementation of the Wall Street Reform and Consumer Protection Act next year. While it is too early to fully and accurately gauge the impact of the legislation, Visa has demonstrated an ability to manage our business through periods of change. The global shift from cash and checks to digital currency is a powerful force that continues unabated, providing tangible benefits to consumers, merchants, and governments worldwide. I continue to have strong confidence in our prospects for long-term growth driven by Visa’s highly resilient network business model, our continued investment in innovation and the expansion of our global reach.”

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