MasterCard Inc. (MA) posted higher net income of $766 million, or $6.23 per share for the first quarter of 2013, compared with the year-ago quarter's $682 million, or $5.36 per share. On average, 32 analysts polled by Thomson Reuters expected earnings per share of $6.17 for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly net revenue totaled $1.91 billion, an 8% increase versus $1.76 billion in the same period in 2012. Analysts estimated revenues of $1.93 billion for the quarter. Adjusted for currency, net revenue went up by 9%.
The company attributed the net revenue growth to a 12% rise in gross dollar volume, on a local currency basis, to $947 billion; an increase in cross-border volumes of 16%; and a growth in processed transactions of 12%. These factors were partially offset by an increase in rebates and incentives, chiefly due to increased volumes and new and renewed deals.
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