SAN JOSE, Calif. (AP) — VeriFone Systems Inc., which makes check-stand electronic payment systems, said on Wednesday that its fourth-quarter profit rose sharply as it benefited from a huge tax gain, and revenue jumped almost 49 percent.
The company earned $198.8 million, or $1.84 per share, for the quarter that ended Oct. 31. That was up from $49.4 million, or 55 cents per share, during the same period last year. Revenue rose 48.8 percent to $410.7 million, from almost $276 million a year ago.
Adjusted earnings were 53 cents per share, up from 40 cents a year ago. Analysts surveyed by FactSet had been expecting adjusted profit of 51 cents per share on revenue of $408.1 million. The tax gain was $205.1 million.
For the first quarter that will end Jan. 31, the company said it expects adjusted earnings per share of 50 to 52 cents, with revenue of $415 million to $420 million. For the full year, it expects revenue of $1.9 billion to $1.92 billion, with adjusted earnings of $2.53 to $2.60 per share.
Analysts surveyed by FactSet were expecting a first-quarter profit of 53 cents per share on revenue of $408 million, and a full-year profit of $2.48 per share on revenue of $1.73 billion.
VeriFone shares had fallen $1.26, or 3 percent, to close at $40.55 before the results were released. They fell another 25 cents to $40.30 in aftermarket trading.
VeriFone makes point-of-sale terminals used to accept electronic payments with credit cards and debit cards.