Visa adjusted profit beats as card payments grow
By Jochelle Mendonca
(Reuters) - Visa Inc's (V.N: Quote) adjusted profit topped Wall Street estimates, and it raised its full-year earnings forecast for the second time this year, as more people move to card-based payments globally.
Visa, the world's largest credit- and debit-card network, also indicated it was not seeing signs of a slowdown, even as global economic growth falters on fears of a worsening European debt crisis.
"Although there appear to be darkening economic clouds, our global revenue drivers remain healthy with no clear signals of a downturn at this point in time," Chief Financial Officer Byron Pollitt said on a post-earnings conference call.
Card rival American Express indicated slowing spending growth when it reported results last week.
Visa now expects adjusted per-share earnings growth for fiscal 2012 in the low twenties. It had previously forecast earnings growth in the range of high teens to low twenties.
Payment volumes grew 6 percent in the quarter.
The San Francisco-based company posted an adjusted profit of $1.56 per share for the third quarter.
Total operating revenue rose 11 percent to $2.57 billion. Continued...