Vantiv profit quadruples; raises full-year outlook
(Reuters) - Payment processor Vantiv Inc's (VNTV.N) second-quarter profit more than quadrupled as it processed more card transactions, and the company raised its full-year earnings outlook.
Vantiv, which was spun off from Fifth Third Bancorp (FITB.O) in March, now expects full-year revenue of between $1 billion and $1.02 billion.
It raised its adjusted net income outlook to $1.13 to $1.17 per share.
Analysts on average were expecting a full-year profit of $1.14 per share, excluding items, on revenue of $1 billion, according to Thomson Reuters I/B/E/S.
For the quarter ended June 30, the Cincinnati, Ohio-based company's profit jumped to $23 million, or 18 cents per share.
On an adjusted basis, it earned 32 cents per share.
Net revenue rose 20 percent to $260.4 million.
Analysts had expected a second-quarter profit of 28 cents per share, on revenue of $247.1 million.
Processed transactions increased 21 percent.
The company processes card transactions at retailers like Barnes & Noble, Dollar General and restaurants like In-N-Out Burger, TGI Friday's and Wendy's International.
POST-IPO SHARE SALE
Vantiv operated as a unit of Fifth Third until June 2009, when certain funds managed by Advent International bought a majority stake in it in a deal that valued the company at $2.35 billion.
After Vantiv's market debut, Advent owned 67.7 percent of the company.
Advent would offer 12.2 million shares for sale, Vantiv said in a regulatory filing on Monday.
Post the follow-on offering, the private equity firm will own about 58 percent of Vantiv, which has a market value of $4.8 billion.
Fifth Third, which currently has a more than 18 percent stake, is not selling any shares in the offering.
Vantiv's shares, which have risen more than 31 percent from their IPO price, closed at $22.11 on Monday on the New York Stock Exchange.
(Reporting by Jochelle Mendonca in Bangalore; Editing by Maju Samuel)