MasterCard predicts profit growth of at least 20 percent in 2010
By APWednesday, September 15, 2010
MasterCard sees 20 percent profit growth for 2010
NEW YORK — MasterCard expects its net income to rise at least 20 percent this year, helped by a small boost from foreign exchange and a modest decline in expenses.
That puts the Purchase, N.Y.-based payments processor’s forecast at about $1.76 billion net income for 2010.
That’s slighty below Wall Street’s average projection for net income of $1.77 billion.
Long-term, MasterCard Inc. said it’s aiming for revenue growth between 12 and 14 percent for 2011 to 2013, and earnings per share growth of 20 percent.
The gains will come from worldwide growth of card- and electronic-based payments systems, reflecting what CEO Ajay Banga calls the “war on cash.”
In pre-market trading, MasterCard shares added $3.51 to $203.26.
