Payment processing giant Visa said its fiscal third-quarter profit rose sharply from a year earlier, following its purchase of Visa Europe. The high-end premium credit card has become one of the most popular credit cards on the market, and has been particularly well-liked by younger customers. Visa does not issue credit or debit cards on its own and instead has partnerships with banks to issue cards that will run on Visa's payment network. Visa is also the network used on a recent popular entrant into the credit card industry: JPMorgan Chase's Sapphire Reserve Card. Visa has been benefiting from its $23 billion purchase of Visa Europe in June 2016, which brought all operators of the Visa payment network under one company.
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It now expects sales of $39.3 billion to $40 billion, up from its previous forecast of $38.6 billion to $39.5 billion. Sales in Honeywell's PMT unit, which makes catalysts and adsorbents used for petroleum refining, dropped about 8 percent to $2.24 billion in the quarter. Net income attributable to Honeywell increased 5.5 percent to $1.39 billion, or $1.80 per share, above expectations of $1.78 per share. Honeywell is reviewing Loeb's demand and the company is expected to announce a decision by early fall. FILE PHOTO: A view of the corporate sign outside the Honeywell International Automation and Control Solutions manufacturing plant in Golden Valley, Minnesota, January 28, 2010.
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Visa beats profit estimates, lifts earnings forecast
Visa forecast net revenue to rise about 20 percent in the year ending September 30, having earlier expected a 16 to 18 percent increase. Visa Europe generated $371 billion in payments volume. San Francisco-based Visa also raised its forecast for full-year earnings and revenue. Results in the prior-year quarter included expenses of nearly $1.9 billion related to Visa's purchase of Visa Europe. (Reuters) - Visa Inc (V.N), the world's largest payments network operator, on Thursday reported a better-than-expected quarterly profit and raised its annual earnings forecast, as more people across the United States and Europe used its payments network.It now expects sales of $39.3 billion to $40 billion, up from its previous forecast of $38.6 billion to $39.5 billion. Sales in Honeywell's PMT unit, which makes catalysts and adsorbents used for petroleum refining, dropped about 8 percent to $2.24 billion in the quarter. Net income attributable to Honeywell increased 5.5 percent to $1.39 billion, or $1.80 per share, above expectations of $1.78 per share. Honeywell is reviewing Loeb's demand and the company is expected to announce a decision by early fall. FILE PHOTO: A view of the corporate sign outside the Honeywell International Automation and Control Solutions manufacturing plant in Golden Valley, Minnesota, January 28, 2010.
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