VeriFone Jumps 5% After Q1 Results

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VeriFonePAY
is up more than five percent in after hours trading after the company reported its first quarter results. The firm reported a Q1 EPS of $0.31 versus the Street estimate of $0.27. Despite the beat, earnings per share were down 39 percent from the year-ago period. Revenue arrived at $436 million versus the Street estimate of $429.58 million. Sales were up one percent year-over-year. "Our first quarter financial results exceeded our guidance, and I am pleased with our progress in our operational initiatives launched in Q1," Paul Galant, Chief Executive Officer of VeriFone, said in a
company release
. "VeriFone is well poised to meet our clients' needs for payment technology to better protect consumer data, while at the same time pushing the envelope on innovative payment as a service and commerce enablement solutions across the physical, on-line, and mobile channels." VeriFone has done fairly well in 2014. At market close on Monday, March 10, VeriFone was up more than 13 percent year-to-date. The stock has had a few ups and downs over the past year, but it has been on a tear since mid-June. Since June 14, 2013, the stock has risen more than 85 percent. VeriFone expects to report a Q2 EPS between $0.30 and $0.32, which is more or less inline with the Street's estimate of $0.31. Disclosure:
At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.
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Posted In: EarningsNewsPaul GalantVeriFone
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