Visa Inc. reported fiscal first-quarter net income of $2.52 billion, or $1.07 per class A share, compared with $2.07 billion, or 86 cents per class A share, in the prior-year period.
Excluding two special items related to recently enacted federal tax reform, adjusted income was $2.54 billion, or $1.08 per share.
The S&P Capital IQ consensus normalized EPS estimate for the quarter was 98 cents.
Net operating revenues for the quarter were $4.86 billion, compared with $4.46 billion a year ago. The spike was due in part to year-over-year increases in the company's payments volume of 10%, cross-border volume of 9% and processed transactions of 12%.
The company's total processed transactions for the three-month period were up 12% to $30.5 billion
Visa's board has increased the company's quarterly dividend to 21 cents per class A common share, up from 19.5 cents per class A common share. The new dividend is payable March 6 to holders of record as of Feb. 16.
The board also authorized a new $7.5 billion share repurchase program. With the new authorization, Visa has $9.1 billion available to buy back its class A common shares.
Visa also updated its guidance for the fiscal year. The company now expects to see EPS growth percentage for the full year, including the impact of tax reform, for its class A shares in the mid-50s on a GAAP nominal dollar basis and toward the high end of the mid-20s on an adjusted, non-GAAP nominal dollar basis.
The company's new full-fiscal-year 2018 EPS guidance includes about 9 to 10 percentage points driven by U.S. tax reform, and about 1 to 1.5 percentage points of positive foreign-currency impact.
Previously, Visa said it expected to see EPS growth percentage for class A shares in the mid-40s on a GAAP nominal dollar basis, and on the high end of the mid-teens on an adjusted, non-GAAP nominal dollar basis.
