PURCHASE, N.Y. – MasterCard Inc. yesterday reported fourth quarter earnings rose seven-fold to $304.2 million, or $2.26 a share, on the strength of earnings in a Brazilian investment.
MasterCard said it realized $284 million in pre-tax gains from more sales of the company's investment in Redecard SA in Brazil. Those gains contributed $1.37 a share to earnings. The company also booked a $90 million gain from the settlement to discontinue the company’s sponsorship of the 2010 and 2014 World Cup soccer matches.
Fourth quarter revenues rose 27.8% to $1.07 billion, driven by higher transaction volumes.
For the full year, MasterCard reported a 22% increase in revenues, to $4.1 billion, and $1.1 billion, or $8 a share, in net income, compared to just $50.2 million, or 37 cents a share, when the company’s earnings were affected by costs related to its initial public offering and litigation reserves.
