VeriFone Q1 Results Top Estimates; Sees Q2 Below Consensus; Cuts FY15 Outlook

(RTTNews) - VeriFone Systems, Inc. (PAY) reported net income for the first quarter of $13.8 million or $0.12 per share, compared to a net loss of $16.2 million or $0.15 per share for the year-ago quarter.

Excluding items, adjusted earnings for the first quarter were $0.44 per share, compared to $0.31 per share in the prior year quarter.

Net revenues for the first quarter rose 11.5 $486.2 million from $436.1 million a year ago, while adjusted net revenues increased 11.4% $486.9 million from $437.2 million last year.

Analysts polled by Thomson Reuters expected the company to earn $0.41 per share on revenue of $483.37 million for the first quarter. Analysts' estimates typically exclude special items.

Looking forward to the second quarter, the company forecasts adjusted net revenues of $485 million to $489 million and adjusted earnings of $0.41 to $0.42 per share. Analysts currently expect the company to earn $0.46 per share on revenue of $504.62 million for the second quarter.

For the fiscal year 2015, the company now forecasts adjusted net revenues of $1.990 billion to $2.000 billion and adjusted earnings of $1.78 to $1.82 per share. Previously, the company forecast adjusted net revenues of $2.02 billion to $2.04 billion and adjusted earnings of $1.85 to $1.90 per share.

Analysts currently expect the company to earn $1.90 per share on revenue of $2.03 billion for the fiscal year 2015.