Earnings Call Excerpt
MasterCard Incorporated (MA)
F3Q08 Earnings Call
November 3, 2008 5:00 pm ET
Executives
Barbara Gasper – Investor Relations
Robert W. Selander – President & Chief Executive Officer
Martina Hund-Mejean – Chief Financial Officer
Tara Maguire – Corporate Controller
Analysts
Julio C. Quinteros – Gold Sachs & Co.
Charles Murphy – Morgan Stanley
Adam Frisch – UBS
Gregory Smith – Merrill Lynch
Moshe Katri – Cowen & Co.
Anurag Rana – Keybanc Capital Markets
Craig Maurer – Calyon Securities
Tien-Tsin Huang – JP Morgan
Christopher Brendler – Stifel Nicolaus & Company, Inc.
Sanjay Sakhrani – Keefe, Bruyette & Woods
Patrick M. Burton – Citigroup
Presentation
Operator
Welcome to the third quarter 2008 MasterCard earnings conference call. At this time all participants are in a listen only mode. We will be facilitating a question-and-answer session towards the end of this conference. (Operator Instructions) As a reminder this conference is being recorded for replay purposes. I would now like to turn the presentation over to your host for today’s call, Miss Barbara Gasper, head of Investor Relations.
Barbara Gasper
Thank you for joining us today either by phone or webcast for a discussion about our third quarter 2008 financial results. With me on the call today are Bob Selander, our Chief Executive Officer; Martina Hund-Mejean, our Chief Financial Officer; and Tara Maguire, our Corporate Controller. Following comments by Bob and Martina highlighting some key points about the business environment and our third quarter results we will open up the call for your questions.
Today’s earnings release and the slide deck that will be referenced on this call can be found in the Investor Relations section of our website www.MasterCard.com. These materials have also been attached to an 8-K that we filed with the SEC earlier today. A replay of this call will be posted on our website for one week until November the 10th.
Finally as set forth in more detail in today’s earnings release I need to remind everyone that today’s call may include some forward-looking statements about MasterCard's future performance. Actual performance could differ materially from what is suggested by our comments today. Information about the factors that could affect future performance are summarized at the end of our press release as well as contained in our recent SEC filings.
With that I will now to turn the call over to Bo Selander.
Robert W. Selander
I’d like to start out by saying how proud we are that in the current economic situation we have been able to deliver another strong quarter of earnings results. We saw net revenue growth of over 23% and I’m particularly pleased that we were able to post a 41% operating margin for the quarter an 8.4 percentage point increase over last year excluding our litigation settlement.
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