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MasterCard net revenue climbs YOY in Q1 on higher processed transactions

MasterCardInc. reported first-quarter net income of $959 million, or 86 centsper share, down from $1.02 billion, or 89 cents per share, in the year-agoquarter.

On a currency-neutral basis, net income was down 2% and EPSwas up 1%.

The S&P Capital IQ normalized EPS estimate for thequarter was 85 cents.

Net revenue for the quarter was $2.45 billion in the firstquarter, up from $2.23 billion in the year-ago period. On a currency-neutralbasis, net revenue increased 14%. Net revenue growth was driven by the impactof a 14% increase in processed transactions to 12.6 billion; a 13% increase ingross dollar volume, on a local currency basis, to $1.1 trillion; and a 12%increase in cross-border volumes of 12%. These factors were partially offset byan increase in rebates and incentives, primarily due to new and renewedagreements and increased volumes.

Worldwide purchase volume during the quarter was up 12% on alocal currency basis versus the first quarter of 2015, to $838 billion. As ofMarch 31, the company's customers had issued 2.3 billion MasterCard andMaestro-branded cards.

During the first quarter, MasterCard repurchasedapproximately 15 million class A common shares at a cost of almost $1.4billion. Quarter-to-date through April 21, the company repurchased anadditional 3.0 million shares at a cost of $288 million, with $2.9 billionremaining under current repurchase program authorizations.