Credit card processor MasterCard Inc. said Thursday that strong spending abroad and its sale of stock in a Brazilian company boosted profit in the fourth quarter by about seven-fold.
Its shares rose about 3 percent in premarket trading.
The Purchase, N.Y.-based company said profit in the October to December period rose to $304 million, or $2.26 a share from $40.9 million, or 30 cents a share, a year ago.
The latest results include an after-tax gain of $185 million from sales of the company’s stake in Redecard SA, a company that signs up merchants in Brazil. Excluding that gain, profit came to 89 cents per share.
Revenue rose nearly 28% to $1.07 billion from $839.2 million a year ago.
The results beat estimates http://fcrwizard.com. Analysts polled by Thomson Financial predicted earnings of 72 cents per share on revenue of $984.8 million. Those estimates typically exclude one-time gains or losses.
MasterCard’s full-year profit was $1.09 billion, or $8.00 a share, on revenue of $4.07 billion.
MasterCard (MA) shares rose $5.75 to $194.75 in premarket trading. They are still well below their Dec. 11 all-time high of $227.18.
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