on Tuesday blew past Wall Street's profit expectations, fueled by strong international growth and consumers' increasing use of plastic in making payments.
The Purchase, M.Y.-based electronic payment processor reported a net profit of $398 million, or $3.01 a diluted share, vs. the consensus estimate of $2 a share, according to Thomson Financial. The company posted revenue of $1.18 billion, a 29% increase from the year ago period. Analysts saw revenue of $1.07 billion.
MasterCard posted a profit of $1.15 a share on revenue of $915.1 million in the first quarter last year.
"We are very pleased with our first-quarter financial results, which reflect the strong positioning of our unified global business," President and CEO Robert Selander said in a company statement. "Regions outside the U.S., such as Latin America and South Asia, Middle East and Africa, are driving significant growth, and cross-border volumes remain healthy as cardholders continue to travel and prefer the use of electronic over paper- based forms of payment."
Worldwide purchase volume grew 15% to $453 billion vs. a year ago.
on late Monday also
in its first quarter as a public company.
MasterCard and Visa, which only process the transactions and do not hold consumer debt on their books, have fared better than rivals
Capital One Financial
Discover Financial Services
The stock was rising 8.6% to $263.85 in recent premarket action.
This article was written by a staff member of TheStreet.com.