Vantiv profit rises 46 pct, full-year forecasts exceed estimates
Feb 20 (Reuters) - Payment processor Vantiv Inc's fourth-quarter profit rose 46 percent as it handled more card transactions and the company's full-year revenue and adjusted profit forecasts beat analysts' estimates.
Vantiv said it expects an adjusted profit of $1.46 to $1.50 per share in 2013 on a revenue of $1.21 to $1.23 billion.
Analysts on average were expecting a full-year profit of $1.39 per share, excluding items, on a revenue of $1.16 billion, according to Thomson Reuters I/B/E/S.
Vantiv, which was spun-off from Fifth Third Bancorp in March, earned $28.8 million, or 22 cents per share, in the latest quarter compared with $15.7 million, or 18 cents per share, a year earlier.
On an adjusted basis, the company earned 38 cents per share.
Net revenue increased 12 percent to $271.2 million.
Analysts had expected the company to earn 34 cents per share, excluding items, on a revenue of $274.1 million.
Vantiv processes card transactions for retailers such as Barnes & Noble, Dollar General and restaurants including In-N-Out Burger, TGI Friday's and Wendy's International.
Shares of the Cincinnati, Ohio-based company, which have risen about 12 percent since its IPO, closed at $21.76 on Tuesday on the New York Stock Exchange.