VeriFone Jumps After Q1 Results
VeriFone (NYSE: PAY) 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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