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Visa Inc. Reports Strong Fiscal Fourth Quarter and Full-Year 2013 Earnings Results and Authorizes New $5.0 Billion Share Repurchase Program
Quarterly net income of $1.2 billion or $1.85 per diluted class A common share, an increase of 15% and 20%, respectively
Full-year 2013 net income of $5.0 billion or $7.59 per diluted class A common share, an increase of 18% and 23%, respectively
The Company authorizes a new $5.0 billion repurchase program, in addition to the previously announced 21% quarterly dividend increase
Foster City, CA, October 30, 2013 Visa Inc. (NYSE: V) today announced financial results for the Companys fiscal fourth quarter and full-year 2013. Net income for the fiscal fourth quarter was $1.2 billion or $1.85 per share, an increase of 15% and 20%, respectively, over the prior year adjusted results. Net income for the fiscal full-year 2013 was $5.0 billion or $7.59 per share, an increase of 18% and 23%, respectively, over the prior year adjusted results. Prior year results were adjusted to remove the impact of special items that were either non-recurring, had no cash impact or were related to amounts covered by the retrospective responsibility plan.
All references to earnings per share assume fully-diluted class A share count unless otherwise noted. The Companys adjusted quarterly and full-year net income per share of class A common stock for fiscal year 2012 is a non-GAAP financial measure that is reconciled to its most directly comparable GAAP measure in the accompanying financial tables.
Net operating revenue in the fiscal fourth quarter 2013 was $3.0 billion, an increase of 9% over the prior year. Net operating revenue for the full-year 2013 was $11.8 billion, an increase of 13% over the prior year and driven by double-digit revenue growth contributions from service, data processing and international transaction revenues. The strengthening of the U.S. dollar impacted net operating revenues by approximately 1.5 percentage points of negative growth in the fiscal fourth quarter and approximately 1 percentage point of negative growth in the fiscal full-year.
Visa delivered strong financial performance during the fourth quarter and full year across our global businesses, a reflection of solid revenue and transaction growth. We continued investing in high growth regions of the world, in products and technology to drive our performance, while maintaining disciplined expense control. We also have been consistent and decisive in returning excess cash to shareholders and maintain this commitment, said Charlie Scharf, Chief Executive Officer of Visa Inc. Both the increase in our quarterly dividend payment by 21% to $0.40 per share and our new $5 billion share repurchase authorization reflects this and our continued confidence in our ability to grow our business over the long term globally.
The following information was filed by Visa Inc. (V) on Wednesday, October 30, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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