Visa Inc. (NYSE: V) released its most recent quarterly report after markets closed Wednesday. The company posted $1.11 in earnings per share (EPS) on $5.07 billion in revenue versus consensus estimates that called for $1.02 in EPS on $4.81 billion in revenue. The fiscal second quarter from last year had $0.86 in EPS on $4.48 billion in revenue.
Payments volume for the three months ended December 2017, on which the fiscal second quarter service revenue is recognized, grew 10% from last year on a constant dollar basis. And payments volume for the three months ended March 2018 grew 11% year over year on a constant dollar basis.
Cross-border volume growth was 11% on a constant dollar basis.
Total processed transactions for the quarter were 29.3 billion, a 12% increase from last year.
Looking ahead to the fiscal full year, the company expects to see net revenue growth in the low double digits on a nominal basis and EPS growth in the “high-20’s”. There are consensus estimates calling for $4.40 in EPS on $20.18 billion in revenue for the 2018 full year.
Alfred F. Kelly, CEO of Visa, commented:
Visa had a terrific second quarter. Revenue growth was better than anticipated and many of our key business drivers accelerated compared to the first quarter, including strong growth in cross-border and payments volume. The fundamentals of our core business remain robust around the world and our team continues to execute against the company’s long-term growth strategy. Based on our first half results, we are raising our revenue and profit outlook for the year.
Shares of Visa closed Wednesday at $121.20, with a consensus analyst price target of $140.15 and a 52-week range of $90.98 to $126.88. Following the announcement the stock was up about 2% at $123.50 in the after-hours session.
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