VeriFone 3Q adjusted earnings, revenue top Street expectations

MarketsAssociated Press

VeriFone Systems Inc. (PAY) on Thursday reported a loss of $29 million in its fiscal third quarter.

The San Jose, California-based company said it had a loss of 26 cents per share. Earnings, adjusted for one-time gains and costs, were 40 cents per share.

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The results surpassed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share.

The maker of terminals for electronic payments posted revenue of $475.9 million in the period, also beating Street forecasts. Analysts expected $460.4 million, according to Zacks.

For the current quarter ending in October, VeriFone expects its per-share earnings to range from 39 cents to 40 cents.

VeriFone expects full-year earnings in the range of $1.46 to $1.47 per share.

VeriFone shares have climbed 29 percent since the beginning of the year through Wednesday's close. The stock has increased 75 percent in the last 12 months.