VISA released earnings for the third quarter on Wed 07/30/08 evening, that beat estimates. Consensus earnings per share estimates for the quarter were $0.48, on expected revenues of $1.55 billion. Actual net revenues for the quarter came in at $1.6 billion and EPS came in at $422 million, or $0.51 per share.

Besides beating on top and bottom lines, the company is also raising its long term outlook for adjusted operating margins.

According to the company, they expect annual net revenue growth through 2010, of 11-15%, EPS growth of 20% or better and annual free cash flow of at least a billion.

Here are the highlights from the company’s reports:

•GAAP net income of $422 million in the third quarter.

•Adjusted net inc. of $457 million.
 

•GAAP diluted class A common EPS of $0.51.

•Adjusted diluted class A EPS of $0.59.

•Payment volumes grew 19% from Q3 of last year, to $652 billion
 

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