Payment processor Vantiv reported its fourth quarter and full-year earnings results on Wednesday (Feb. 1), topping Wall Street’s estimate for its adjusted net income per share, which increased 15 percent to $0.75 in the Dec. 2016 quarter.
The Street’s expectations for earnings, based on the average estimate of 17 analysts, was $0.72 per share.
Vantiv’s fourth-quarter profit was $47.8 million, and its total revenue hit $955 million, a 12 percent increase compared to the same period in 2015. However, Vantiv did see a decrease in its net income per diluted share on a GAAP basis, dropping 6 percent to $0.29. It’s adjusted revenue was $502.4 million, which also exceeded Street estimates of $496.4 million from 13 analysts surveyed by Zacks Investment Research.
For the full-year 2016, the company reported a $213.2 million, or $1.32 per share, profit, and its revenue was reported as $1.9 billion.
“I am delighted to continue our trend of consistently generating double-digit organic growth and successful financial results,” Charles Drucker, president and CEO at Vantiv, said in a statement. “Our pattern of success shows that our strategy to expand into high-growth channels and verticals is working, and it also highlights that our people consistently execute at the highest level.”
Based on new business activity and its current level of transaction trends, Vantiv said its net revenue for the full-year 2017 is expected to reach $2.08 million–$2.12 million, which is a 9–11 percent increase above what was reported in 2016.
The company also noted that it expects full-year earnings to range from $3.14 to $3.21 per share.