UPDATE 1-VeriFone Q3 beats Street, raises FY outlook

* Q3 adj EPS $0.36 vs est $0.30

* Revenue $261.5 mln vs est $248.8 mln

* Shares rise 2 pct in extended trade

Aug 24 (BestGrowthStock) – Credit card swipe machine maker VeriFone
Systems Inc (PAY.N: ) posted better-than-expected quarterly
results, helped by growth in its domestic and Latin American
markets, and raised its fiscal 2010 outlook.

The San Jose, California-based company, which competes with
France’s Ingenico (INGC.PA: ) and Hypercom Corp (HYC.N: ), expects
fiscal 2010 adjusted profit of $1.26-$1.27 per share, above its
prior forecast of $1.12-$1.15 per share.

Revenue for the year is expected to be $984-$989 million,
compared with $960-$970 million the company forecast earlier.

For the May-July quarter, net income was $18.5 million, or
21 cents a share, compared with $16.5 million, or 20 cents a
share, a year ago. Excluding items, earnings were 36 cents a
share for the latest quarter. [ID:nASA00ONR]

Revenue at the company — whose customers are primarily
financial institutions, payment processors, petroleum companies
and retailers — rose 24 percent to $261.5 million.

Revenue from United States and Canada rose 39 percent,
while revenue from Latin America jumped 73 percent.

Analysts on average were expecting earnings of 30 cents a
share, excluding items, on revenue of $248.8 million, according
to Thomson Reuters I/B/E/S.

Shares of the company were up about 2 percent at $22.95 in
after-market trade. The stock, which has more than doubled in
value in the last 52 weeks, closed at $22.42 Tuesday on the New
York Stock Exchange.
(Reporting by Swati Chitnis in Bangalore; Editing by Anne
Pallivathuckal)

UPDATE 1-VeriFone Q3 beats Street, raises FY outlook