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MasterCard Inc. Q3 2009 Earnings Call Transcript
Author: 123jump.com Staff
123jump.com
Last Update: 11:36 PM ET November 09 2009

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MasterCard Incorporated third quarter revenues rose 1.5% to $1.36 billion and net income was $452.2 million or $3.45 a share.


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Robert Selander

I don''t think there''s a lot that''s going on there. From the standpoint of some of the timings, there''s been a briefing on the class certification and the court has scheduled oral argument on the class motion, I believe it''s later in this month. The parties have been reviewing various proposals, various motions that they''ve each made and those motions will also be argued during November.

From the standpoint of the defendant''s expert reports, those are due in December. The various motions that will be filed in the middle of next year, I think those are scheduled, the dispositive motions in the summer of next year with briefing on those motions only to be completed in the fall of 2010.

There is confidential mediation taking place. The mediation is at early stages and there''s no way to predict what the outcome is going to be and, of course, no ultimate trial date has been scheduled. So, we''re expecting this will play out over the next -- continue to play out over the next couple of years.

Tien-Tsin Huang - JPMorgan

Okay. Great. Very good. Thanks for the details Bob, Martina and Barbara.

Operator

Your next question comes from the line of Sanjay Sakhrani with KBW. Please proceed.

Sanjay Sakhrani - KBW

Hi. Thank you. I was wondering, if you guys were able to detect a kind of volume trend across segments within [net cards], I guess what I was trying to get is get a sense of is whether the transactor oriented card volumes have held up better than others and where the weakness continues to persist?

Martina Hund-Mejean

Sanjay, can you repeat your question, please? You were very hard to hear.

Sanjay Sakhrani - KBW

I''m sorry, I''m on a speakerphone. I guess, I was just wondering if there was a way to disaggregate segments, volume trends across U.S. cards. What I was trying to see is kind of where, which segments are performing better than others? Do you guys have that kind of data?

Martina Hund-Mejean

Yes, what Bob said this morning as he quoted from our SpendingPulse and that probably gives you as good of a sense on where are the sectors that are actually doing a little bit better and what he had quoted is that we''re really seeing growth albeit, from a fairly anemic last part of the year, last year, we''ve seen growth in E-Commerce, we''ve seen growth in Luxury and Electronics and in Airlines. I think, where we''re still seeing not as much growth is predominantly in the Apparel Sector, that''s having really a very tough year still.

Sanjay Sakhrani - KBW

Yes. No, I guess, I meant like credit card product types, so transactor based cards versus maybe sub-prime cards or private label cards?

Martina Hund-Mejean

Sanjay, I don''t think at this point in time we are really prepared to share any thoughts on that.
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