PURCHASE, N.Y. (AP) — MasterCard reported a 28 percent rise in fourth-quarter profits, as consumers spent more on MasterCard's payment network
The Purchase, New York-based company said Friday it had a profit of $801 million, 69 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, came to 72 cents per share.
The results surpassed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 67 cents per share. Revenue was $2.42 billion, compared with $2.13 billion a year ago.
MasterCard said it had $858 billion in payment volume on its network in the latest quarter, up 12 percent compared with a year ago.
MasterCard is the third payment processor to report growth in quarterly earnings, helped by increased consumer spending globally. Visa, which reported its results Thursday, reported an 11 percent rise in its fiscal first quarter results. American Express, which reported last week, also posted a rise in profits, helped by higher consumer spending.
For the full year, MasterCard had a profit of $3.6 billion, up 14 percent from a year ago. Total revenue for the company was $9.5 billion, up 14 percent from a year ago as well.
MasterCard shares rose $2.26, or 3 percent, to $83.67 in mid-morning trading.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MA at http://www.zacks.com/ap/MA
Keywords: MasterCard, Earnings Report, Priority Earnings