Verifone Tops Q2 Estimates

reported better-than-expected results for the fiscal second quarter on Thursday. The San Jose, California-based company posted quarterly net income of $17.6 million, or $0.15 per share, versus a year-ago net loss of $23.9 million, or $0.22 per share. Excluding items, its adjusted net income rose 19 percent to$0.44 per share from $0.37 per share. Its net revenue rose 5 percent year-over-year to $490 million, while revenue climbed 14 percent on a constant currency basis. The average estimate among 22 Estimize users was for earnings of $0.45 per share and revenue of $492.33 million. Its gross margin as a percent of net revenue widened to 41.6 percent, versus 37.6 percent in the year-ago quarter. For the third quarter, the company expects adjusted earnings of $0.44 to $0.46 per share, on revenue of $495 million to $500 million. Analysts had projected earnings of $0.46 per share on revenue of $501.41 million. For full fiscal year 2015, Verifone projects adjusted earnings of $1.81 to $1.84 per share, on revenue of $1.995 billion to $2.0 billion. Analysts had expected earnings of $1.83 per share on revenue of $2.00 billion. Verifone shares slipped 1.30 percent to $37.85 in the after-hours trading session.