VeriFone Beats Expectations but Outlook Misses Estimates
13 December 2016 - 10:20AM
Dow Jones News
VeriFone Systems Inc.'s adjusted results beat expectations in
the latest quarter though the payments-technology company's
guidance missed analysts' views.
Verifone's shares rose 2.8% to $16.90 in recent after-hours
trading.
For the fiscal year ending October 2017, the company forecast
adjusted per-share earnings of $1.35 to $1.39 and adjusted revenue
of $1.9 billion to $1.915 billion. Analysts polled by Thomson
Reuters expected adjusted per-share profit of $1.59 and adjusted
revenue of $1.93 billion.
For the current quarter, VeriFone projected adjusted per-share
earnings of 20 cents and adjusted revenue of roughly $450 million.
Analysts expected adjusted per-share profit of 36 cents and
adjusted revenue of $471.3 million.
VeriFone has been working to transform itself into a payment-
and commerce-services company from a vendor of payment
terminals.
The company's performance has been hit in recent quarters by a
slower rollout of new point-of-sale devices with so-called EMV
technology, which accept credit cards with embedded computer
chips.
For the period ended Oct. 31, VeriFone reported a loss of $4.5
million, or 4 cents a share, compared with a year-earlier profit of
$38.2 million, or 33 cents a share. Excluding items, adjusted
per-share earnings fell to 30 cents from 49 cents. Revenue
decreased 9.7% to $464 million. Excluding certain items, adjusted
revenue was $468 million.
The company expected adjusted per-share profit of 28 cents to 29
cents and adjusted revenue of $460 million.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
December 12, 2016 18:05 ET (23:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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