Visa (V) June 2008 Earnings Conference Call Notes
-EPS 59c vs. 48c est. Revenue $1.6B vs. $1.55B est.
-Increasing longer term operating margin guidance to mid to high 40% range
-Although tougher climate is here and will likely continue, we expect fourth quarter to be on the upper end of revenue guidance range
-U.S. payment volume though softening has held up pretty well
-Seeing secular shift to plastic particularly debit cards in U.S.
-Payment volume +19%. Credit growth 19% world-wide and 8% in the U.S. However debit growth was 20% world-wide and 16% in the U.S.
-U.S. payment growth was 10% vs. 12% in Q1. Seeing “fairly consistent monthly rate through the end of June and continuing into July”
-Debit card growth is helping off-set weakening credit card numbers.
-Tone was more upbeat than Mastercard call.