VeriFone Systems Inc. (NYSE: PAY) reported adjusted second quarter 2013 results after markets closed today. The electronic payments company reported adjusted earnings per share (EPS) of $0.42 on $430 million in non-GAAP revenues. In the same period a year ago, the company reported adjusted EPS of $0.64 on revenue of $479 million. Second-quarter results compare to the Thomson Reuters consensus estimates for EPS of $0.47 and $440.29 million in revenue.
On a GAAP basis, the company posted an EPS loss of $0.54 on revenues of $426 million.
For the third fiscal quarter, VeriFone guided adjusted revenues at approximately $400 million and adjusted EPS at approximately $0.20. Consensus estimates called for EPS of $0.50 on revenues of $460.54.
The company warned on earnings in February and replaced long-time CEO Douglas Bergeron in March with an interim CEO who had this to say about VeriFone's woeful performance:
We are keenly aware of the significant short-term challenges impacting our fiscal year 2013 financial results. To regain our momentum, we are addressing the critical issues head-on. We have empowered a new senior leadership team. We are substantially increasing our R&D investment to best serve our customers and regain competitiveness in markets where we have product gaps. And, we have increased our focus on cash management, as evidenced by our generation of $79 million of operating cash flow in the second quarter.
At the beginning of its 2013 fiscal year in November, VeriFone forecast full-year EPS of $3.25 to $3.30, which analysts have torn down to a meager $2.02. That estimate is due for another chop after today's report.
The company's shares are down nearly 11% in after-hours trading at $19.65. The current 52-week range is $17.93 to $39.00 and the stock closed today at $21.95. Thomson Reuters had a consensus analyst price target of $24.00 before today's results were announced.
Filed under: 24/7 Wall St. Wire, Consumer Goods, Earnings Tagged: PAY