Visa Q1 profit beats, to buy back $500 mln of shares

Visa profit up, rolls out new fee program

Visa Inc reported a higher quarterly profit as the world's largest credit and debit card processing network benefited from consumers swiping their cards more, and authorized a new $500 million share repurchase program.

The company expects adjusted earnings per share growth in the high teens for fiscal 2012.

Net income for the first quarter rose to $1 billion, or $1.49 a share, from $884 million, or $1.23 a share, last year.

Total operating revenue climbed 14 percent to $2.55 billion.

Analysts had expected the company to report earnings of $1.45 a share, on revenue of $2.43 billion, according to Thomson Reuters I/B/E/S.

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"Consumers' desire to use our products is evident in the strong growth we see outside the United States and the resiliency we are seeing in the U.S. in the wake of debit regulation," Chief executive Joe Saunders said in a statement.

"We remain intensely focused on further growing our international business, partnering with financial institutions, merchants, technology providers and governments."

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Visa said it deposited $1.57 billion into a litigation escrow account during the quarter.

Last week, a litigation-related charge took a large bite out of rival MasterCard Inc's quarterly earnings.

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Visa's shares rose 2 percent in trading after the bell, after closing at $108.35 on Wednesday on the New York Stock Exchange.

The stock has gained about 16 percent since October when the company reported its fourth-quarter results, and authorized a $1 billion increase to its share buyback program.