VeriFone Systems Q2 Adj. Profit Tops View; Lifts FY14 Outlook - Quick Facts

(RTTNews) - VeriFone Systems, Inc. (PAY) reported a net loss for the second quarter attributable to company stockholders of $23.9 million or $0.22 per share, narrower than $58.4 million or $0.54 per share in the year-ago quarter.

Excluding items, adjusted net income for the latest second quarter was $41.6 million or $0.37 per share, compared to $46.8 million or $0.42 per share in the prior year quarter.

Net revenues for the second quarter rose 9.4% to $466.4 million from $426.3 million a year ago, while adjusted net revenues for the quarter grew 8.6% to $466.8 million from $429.8 million last year.

Analyst polled by Thomson Reuters expected the company to earn $0.33 per share on revenue of $443.42 million for the second quarter. Analysts' estimates typically exclude special items.

Looking forward to the third quarter, the company forecast adjusted net revenues of $455 million to $460 million and adjusted earnings of $0.33 to $0.34 per share. Analysts currently expect the company to earn $0.37 per share on revenue of $453.83 million for the third quarter.

For the fiscal year 2014, the company now forecasts adjusted earnings of $1.42 per share to $1.44 per share and net revenues in the range of $1.83 billion to $1.84 billion. Previously, the company forecast adjusted earnings of $1.40 per share and revenue of $1.78 billion to $1.81 billion.

Analysts currently expect the company to earn $1.43 per share on revenue of $1.80 billion for the fiscal year 2014.