Over the past few quarters, VeriFone (PAY) experienced lower-than-expected revenue levels and a softer demand globally due to weak markets and adverse economic conditions. However, results for the fiscal first quarter were ahead of expectations. EPS came in at $0.26, easily beating the Zacks Consensus Estimate of $0.18.
Management stated that business has begun to recover in both domestic and international markets, and revised its guidance for 2010. VeriFone now sees revenues reaching $925-$940 million in 2010, up from the previous estimate $900-$945 million. EPS is forecasted to be between $1.00 and $1.10, up from the previous estimate of between 97 cents and $1.07.
Based on a brighter outlook for 2010, we upgrade our recommendation on VeriFone to Outperform from Neutral.
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