PURCHASE, N.Y. – MasterCard yesterday reported first quarter earnings more than doubled, primarily due to two one-time gains.
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The cards company reported first quarter profit of $447 million, or $3.38 a share, up from $214.9 million, or $1.58 a share, for the same period last year.
First quarter earnings were boosted by a $49 million after-tax gain from the termination of a customer business agreement, and a $56 million after-tax gain from the sale of the company’s investment in Redecard S.A., a Brazilian card business.
First quarter revenues surged 29% to $1.2 billion on the strength of a 15.7% increase in transaction volume and fluctuations in foreign currency. MasterCard also put pricing changes in effect, which helped boost revenue.
