Driven by EMV and Apple Pay-related sales, Verifone reported net earnings rose 23% in the fourth quarter (4Q/15) ending October 31st. Net revenues for the quarter rose 4.7% year-on-year (YOY)
Visa and Visa Europe have inked a definitive agreement for Visa to acquire Visa Europe, creating a single global company. The transaction consists of upfront consideration of €16.5 billion with the potential for an additional earn-out of up to €4.7 billion payable following the fourth anniversary of closing, for a total value of up to €21.2 billion.
Citibank North America branded credit card profits declined 16% and Citi retai North America branded card base shrank 1.0% YOY in Q2/15. However, credit quality improved as delinquency and charge-offs declined.
eBay will not be the same without PayPal and most analysts agree they have an uphill battle long-term due to intense competition. However, eBay is expected to divest its Enterprise business in a deal valued at $925 million, according to Forbes.
GE announced it intends to return its focus on making stuff instead of making consumer loans. Under the plan, GE expects that by 2018 more than 90% of its earnings will be generated by its high-return industrial businesses, up from 58% in 2014.
Heartland Payment announced that its Board of Directors has authorized a new $75 million share repurchase program. Repurchases will be made in accordance with applicable securities laws in the open market or in privately negotiated transactions. The new authorization is a result of the completion of an existing program, which went into effect effective on November 6, 2012, under which the company repurchased 1,667,983 shares of its common stock at an average price of $29.98 per share.
Discover Financial Services announced that its Board of Directors has approved a new $3.2 billion share repurchase program and increased the quarterly common stock dividend from $0.20 to $0.24 per share. This replaces the prior $2.4 billion share repurchase program. The company expects to make share repurchases from time to time subject to the company’s…
American Express announced its approved plan as part of the 2014 Comprehensive Capital Analysis and Review (CCAR). It included increasing the Company’s quarterly dividend to 26 cents per share beginning with the second quarter 2014 dividend declaration, subject to approval by the Company’s board of directors; repurchasing up to $4.4 billion of common shares during…
Citigroup reported today a 4Q profit for 2013 at double that of its 4Q profit of 2012. Net Income was at $2.7 billion on revenues of $17.8 billion for 4Q/2013 compared to net income of $1.2 billion on revenues of $17.9 billion for 4Q/2012. CVA/DVA was a negative $164 million ($100 million after-tax) in the fourth quarter, mainly resulting from the improvement in Citigroup’s credit spreads, compared to negative $485 million ($301 million after-tax) in the prior year period. Excluding CVA/DVA, fourth quarter revenues were $17.9 billion, down 2% from the prior year period. Fourth quarter 2013 results also included a $189 million after-tax benefit related to the divestiture of Citi’s Credicard business in Brazil, while results in the prior year period included a $1.0 billion repositioning charge ($653 million after-tax). Excluding CVA/DVA, the impact of the Credicard divestiture in the fourth quarter 2013 and the fourth quarter 2012 repositioning charge,6 earnings were $0.82 per diluted share, up 19% from the prior year period.
JPMorgan Chase & Co reported net income for the 4th Quarter 2013 at $5.3 billion. This was a slight increase from 4th Q 2012 which was reported at $5.2 billion. Revenue for the quarter was down 1% to $24 billion compared to the same period in 2012. Legal costs associated with a number of issues was noted as a reason for the drop in profits. Adjusted for the significant items disclosed in our earnings press releases this quarter and in the fourth quarter of 2012, EPS would have been $1.40 this year compared with $1.35 in the prior year and ROTCE would have been 15% this year, flat compared with the prior year.
MasterCard announced a 10-for-1 stock split of the Company’s common stock to be effected through a stock dividend; An 83% increase in the Company’s quarterly cash dividend to $1.10 per share ($0.11 per share after the stock split); and a new share repurchase program authorizing the Company to repurchase up to $3.5 billion of its Class A common stock. The record date for the 10-for-1 stock split is the close of business on January 9, 2014, with share distribution scheduled for January 21, 2014. As a result of the split, shareholders will receive nine additional shares of MasterCard common stock for each share they hold as of the record date. Total shares of common stock outstanding will increase from approximately 120 million to 1.2 billion based on the Company’s share count as of December 5, 2013.
MasterCard posted 1Q/13 net income of $766 million, up 12% since the year ago figure, while net revenue was $1.9 billion, an 8% increase over the year ago figure. Net revenue growth was driven by a 12% increase in gross dollar volume, on a local currency basis, to $947 billion; An increase in cross-border volumes…