Credit card issuer Visa Inc. (V) late Wednesday posted better-than-expected fiscal fourth quarter earnings results and announced a new share repurchase program.
The San Francisco-based company reported fiscal fourth quarter net income of $1.66 billion, or $2.47 per share, compared with $880 million, or $1.27 per share, in the year-ago period. Excluding several one-time gains, adjusted profit was $1.54 per share.
Operating revenue rose almost 15% from last year to $2.73 billion.
On average, Wall Street analysts expected a smaller profit of $1.50 per share, on lower revenue of $2.68 billion.
In a separate announcement, V’s board of directors approved a new $1.5 billion stock buyback program. The program is planned to be in place through October 2013.
Visa shares rose $4.57, or +3.3%, in premarket trading Thursday.
Visa Inc. (V) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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