EmailVeriFone (PAY $20.10 +0.85) reported first quarter earnings of $0.51 per share, $0.03 better than the Capital IQ consensus of $0.48, while revenues rose 2.2% year/year to $428.7 million versus the $426.31 million consensus. The company issued in-line guidance for the second quarter with EPS of $0.45-0.50 versus the $0.48 Capital IQ consensus and revenues of $435-450 versus the $440.91 million consensus. The company issued mixed guidance for fiscal year 2013 with EPS of $1.90-2.10 versus the $2.10 consensus and revenues of $1.80-1.83 versus the $1.81 billion consensus. "While our first quarter results fell short of our expectations, VeriFone remains well positioned to take advantage of the secular shift from cash to cashless transactions and the increasing demand for payment security, which should continue to drive healthy payment industry growth... We are confident that our strategy to build out our service portfolio is sound, and we will continue to invest in multiple services infrastructure initiatives to enable us to offer innovative solutions and build deeper relationships with our customers. We have taken aggressive steps to address our execution challenges, including centralizing engineering resources, increasing investment in our world-class product portfolio and improving sales management of emerging market distributors and new services initiatives. We are likely to take additional steps as needed, including senior management changes, to ensure that we have the right executive team and resources in place to execute our strategic plan going forward."
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