RSS FeedLower Costs, Higher Volume Drive MasterCard Profit - Money News ...
NEW YORK -- MasterCard Inc. said Tuesday its third-quarter profit was bolstered by continued cost-cutting measures and an increase in the number of transactions it processed.
However, worldwide purchase volume grew only 0.4 percent on a local currency basis during the quarter, providing further evidence that a global economic recovery is likely to be slow. Volume fell in the U.S. "The economic downturn has continued to affect consumer and business spending during the quarter," Robert Selander, MasterCard's CEO, said during a conference call with investors. "We don't expect any global economic improvement until sometime in 2010." But, Selander did note that there have been some signs of stabilization in recent months and the worst of the downturn is likely over. Shares of MasterCard fell $6.79, or 3.1 percent, to $215.85 in afternoon trading as the broader market declined. The credit card and global payments processor earned $452.2 million, or $3.45 per share, during the quarter ended Sept. 30. It lost $193.6 million, or $1.48 per share, during the same quarter last year. Last year's results reflected an $827.5 million pretax charge related to an antitrust litigation settlement. Adjusting for special items like litigation costs, MasterCard earned $456 million, or $3.48 per share, during the most recent quarter. Analysts polled by Thomson Reuters, on average, forecast earnings of $2.94 per share on revenue of $1.35 billion. Analysts do not always include special charges in their estimates. MasterCard's revenue edged up to $1.36 billion from $1.34 billion a year ago. Lazard Capital Markes analyst David Parker said in a research note that revenue should return to "double-digit growth in the next few quarters," as economic concerns ease. Parker maintained a "Buy" rating and $250 price target on the stock after the earnings report. While purchase volume remained relatively unchanged, the number...Portland Car insurance - News
|
Health 'reform' goes back a century for Regence BlueShield of Idaho Health 'reform' goes back a century for Regence BlueShield of Idaho"It needs to work like car insurance," where failure to buy liability insurance results in a fine, said Scott Kreiling, president of Regence BlueShield of and more » |
Trading in cars for bicycles: a new trend in the US
Car ownership is expensive. The average cost to purchase a new vehicle is around $20000. When you add maintenance, gasoline, and car insurance,
|
|
Dent Repair Portland, Oregon Now to the Door Service The customer also saves money by not having to rent a car. Collision on Wheels comes to the customer; either at home or work. Willie Fisher serves consumers |
Portland woman arrested after car flies into semi-truck
PORTLAND -- A Portland woman survived after her car rammed through a barrier, flew through the air and slammed into a and more »
|
|
Q&A: What the 'Middle-Class' Recession Means for Bankruptcies Q&A: What the 'Middle-Class' Recession Means for BankruptciesYour credit score is used from everything from how you rate your car insurance, you know, if you had to get into another apartment, so you want to have a and more » |