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MasterCard 1Q profit rises 14 percent
This is an archived article that was published on sltrib.com in 2014, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

MasterCard's net income climbed 14 percent in the first quarter, as more spending by cardholders worldwide lifted the company's results.

Net income rose to $870 million, or 73 cents per share, in the three months ending March 31, the company said Thursday. That compares with net income of $766 million, or 62 cents per share, in the same three months of last year.

MasterCard, which runs the world's second-largest payment network behind Visa, said revenue increased 14 percent to $2.18 billion, up from $1.91 billion the year before.

Analysts, on average, expected earnings of 72 cents per share on $2.14 billion in revenue in the latest quarter, according to the data provider FactSet.

MasterCard said its revenue climbed partly because it handled 9.8 billion transactions, a 14 percent increase over the same period last year. The volume of purchases tallied $759 billion, a 13 percent increase. Of that amount, $268 billion came from the United States.

The stronger revenue, however, was partly offset by a rise in rebates and incentives that the company offered.

"We kicked off the year with a strong quarter, despite a mixed global economy," said Ajay Banga, MasterCard's CEO, in a statement accompanying the release.

In pre-market trading, MasterCard's stock rose $1.56, or 2 percent, to $75.11 following the release of the earnings. MasterCard has climbed as high as $84.75 and sunk as low as $53.38 over the past year.

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