CINCINNATI (AP) -- Payments processor Vantiv Inc. reported a more than three-fold jump in its second-quarter net income due to an increase in transactions in this year's quarter and a big refinancing charge last year. The company also raised its revenue and profit guidance for the year.
Vantiv said its net income was $23 million, or 18 cents per share, compared with net income of $5.4 million, or 6 cents per share, in the prior year. The comparisons were especially favorable because last year's net income included $13.8 million in expenses related to refinancing charges.
It said its adjusted net income amounted to 32 cents a share.
Net revenue, excluding network fees and other costs, increased 20 percent to $260.4 million.
Analysts surveyed by data provider FactSet expected the company to earn 28 cents per share on $247 million in revenue.
Vantiv said that transactions overall rose 21 percent, driven primarily by a 29 percent increase in transactions in the merchant-services segment.
"Based on strong business results for the first half of 2012 we are raising our guidance for the year," said Vantiv Chief Financial Officer Mark Heimbouch.
The company said it now expects revenue for the year to be between $1 billion and $1.02 billion, compared to its previous estimate of $995 million to $1.01 billion.
The company forecast adjusted earnings per share for 2012 will range between $1.13 and $1.17 a share, up from its prior guidance of between $1.09 and $1.13 a share.
Analysts had been looking for $1.10 a share on $1 billion in revenue.
Vantiv was a unit of Fifth Third Bank and went public this in March.
The company's stock fell 51 cents, or 2.2 percent, to $22.11 on Monday. The shares rose 2 cents in extended trading following the earnings report.
Separately, the company said in a regulatory filing that some of its stockholders are preparing to sell an additional 12.2 million shares to the public.
Vantiv isn't selling any shares.