August 19, 2008 / 10:00 PM / 9 years ago

UPDATE 1-VeriFone shares soar on forecast

(Recasts; adds details, share movement)

Aug 19 (Reuters) - Electronic payment technology provider VeriFone Holdings (PAY.N) forecast earnings for the last two quarters of the year above market estimates, driven by growth at its international operations, sending shares up as much as 32 percent in trading after the bell.

In a separate statement, VeriFone named Clinton Knowles as its chief financial officer on an interim basis, replacing Barry Zwarenstein, who resigned in April after a probe into the company’s inventory accounting errors.

For the third quarter, VeriFone expects earnings of 34 cents to 35 cents a share, before items, and revenue of $256 million to $258 million.

Earnings for the fourth quarter were projected in the range of 36 cents to 39 cents a share, on similar basis, on revenue of $260 million to $268 million.

Analysts expect earnings of 29 cents for the third quarter and 31 cents a share for the fourth quarter, both before items, according to Reuters Estimates.

The consensus revenue estimates are $248.9 million for the third quarter and $256.1 million for the final one.

For the year ending Oct. 31, 2009, VeriFone sees adjusted profit of $1.35 to $1.55 a share and revenue growth of 10 percnt to 15 percent. The market expectations are for profit of $1.21 a share and revenue of $1.05 billion.

Shares of VeriFone, which also filed its restated financial reports with the U.S. Securities and Exchange Commission Tuesday, rose $4.77 to $19.50 in trading after the bell. They had earlier closed at $14.73 Tuesday on Nasdaq. (Reporting by Deepti Govind in Bangalore; Editing by Anil D‘Silva)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below