SAN JOSE, Calif. (AP) — VeriFone Systems Inc. (PAY) on Thursday reported fiscal first-quarter net income of $7.3 million, after reporting a loss in the same period a year earlier.
The San Jose, California-based company said it had net income of 6 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, came to 23 cents per share.
The results met Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was also for earnings of 23 cents per share.
The maker of terminals for electronic payments posted revenue of $436.8 million in the period, which beat Street forecasts. Eight analysts surveyed by Zacks expected $419.5 million.
For the current quarter ending in May, VeriFone expects its per-share earnings to range from 27 cents to 28 cents.
The company said it expects revenue in the range of $435 million for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $444.5 million.
VeriFone expects full-year earnings in the range of $1.47 to $1.50 per share, with revenue ranging from $1.78 billion to $1.8 billion.
VeriFone shares have climbed 1.5 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $17.97, a decrease of 11 percent in the last 12 months.