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VeriFone reports 1Q loss

SAN JOSE, Calif. (AP) _ VeriFone Systems Inc. (PAY) on Thursday reported a fiscal first-quarter loss of $16.6 million, after reporting a profit in the same period a year earlier.

On a per-share basis, the San Jose, California-based company said it had a loss of 15 cents. Earnings, adjusted for one-time gains and costs, came to 21 cents per share.

The results met Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was also for earnings of 21 cents per share.

The maker of terminals for electronic payments posted revenue of $453.9 million in the period. Its adjusted revenue was $456.6 million, which topped Street forecasts. Eight analysts surveyed by Zacks expected $449.1 million.

For the current quarter ending in May, VeriFone expects its per-share earnings to be 29 cents.

The company said it expects revenue in the range of $470 million to $474 million for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $470.2 million.

VeriFone expects full-year earnings in the range of $1.35 to $1.39 per share, with revenue ranging from $1.9 billion to $1.92 billion.

VeriFone shares have climbed 15 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $20.35, a decrease of 23 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PAY at https://www.zacks.com/ap/PAY


Keywords: VeriFone Systems, Earnings Report