VeriFone Q1 Results Top Estimates

(RTTNews) - VeriFone Systems, Inc. (PAY) reported a net loss for the first quarter of $16.2 million or $0.15 per share, compared to net income of $11.8 million or $0.11 per share for the year-ago quarter.

Excluding items, adjusted net income for the first quarter was $34.8 million or $0.31 per share, compared to $56.3 million or $0.51 per share in the prior year quarter.

Net revenues for the third quarter rose 1.7% to $436.1 million from $428.7 million a year ago, while adjusted net revenues for the quarter grew 1.8% to $437.2 million from $429.6 million last year.

Analyst polled by Thomson Reuters expected the company to earn $0.27 per share on revenue of $428.55 million for the first quarter. Analysts' estimates typically exclude special items.

Looking forward to the second quarter, the company forecast adjusted net revenues of $440 million to $445 million and adjusted earnings of $0.30 to $0.32 per share. Analysts currently expect the company to earn $0.31 per share on revenue of $439.06 million for the second quarter.

For the fiscal year 2014, the company now forecasts adjusted net revenues of $1.78 billion to $1.81 billion and adjusted earnings of $1.40 per share. Previously, the company forecast adjusted revenue of $1.77 billion to $1.80 billion and adjusted earnings of $1.35 to $1.40 per share.

Analysts currently expect the company to earn $1.39 per share on revenue of $1.79 billion for the fiscal year 2014.