Visa on Wednesday after the market close reported net income for its fiscal first quarter ended Dec. 31 of $1.3 billion, or $1.93 a share, increasing from $1.0 billion, or $1.49 a share, a year earlier. Excluding an 11-cent tax benefit, adjusted earnings came in at $1.82 a share, beating the consensus estimate of $1.79, among analysts polled by Thomson Reuters. Net operating revenue grew 12% year-over-year to $2.8 billion during the fiscal first quarter, which the company attributed to "strong growth in service revenues, data processing revenues and international transaction revenues." Visa's board of directors authorized a new $1.75 billion share repurchase program, bringing the company's total buyback authorization to $2.9 billion. In its outlook for all of fiscal 2013, the company estimated annual revenue growth in the "low double digits," with an operating margin of roughly 60%, which matches the company's adjusted operating margin for fiscal 2012.
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