VeriFone Systems Slumps Lackluster Guidance (PAY, RUE, SMTC)
VeriFone Systems Inc (NYSE:PAY) shares declined 9.40% to $40.77 in the after-hour trading after the company’s second quarter profit plunged 43% as higher costs and expenses offset a 61% increase in revenue.
The company posted second quarter net income of $14.5 million or $0.13 per share, as compared to $25.2 million or $0.27 per share for the year-ago quarter. Adjusted net income was $71.4 million or $0.64 per share. Net revenue rose 61% year-over-year to $472.02 million. Analysts expected the company to earn $0.61 per share on revenue estimate of $471.82 million for the second quarter.
Looking forward, the company expects third quarter adjusted net revenues of $495 million to $500 million and adjusted earnings of $0.68 to $0.70 per share. Analysts currently expect the company to earn $0.70 per share on revenue of $502.18 million for the third quarter.
rue21, inc. (NASDAQ:RUE) stock fell 0.93% to $26.75 in the after-hour trading after the company posted first quarter net income of $11.6 million or $0.46 per share, as compared to $9.6 million or $0.38 per share in the same quarter last year. Sales for the quarter were $205.6 million, as compared to $173 million in the comparable quarter last year. Analysts expected earnings of $0.43 per share on sales of $204.1 million for the quarter.
Looking forward, the company now expects fiscal year 2012 earnings of $1.76 to $1.81 per share, as compared to its earlier guidance of $1.74 to $1.79 per share. Analysts currently estimate earnings of $1.79 per share for the year.
Semtech Corporation (NASDAQ:SMTC) stock decreased 4.01% to $22.75 in the after-hour trading after the company’s first quarter profit plunged, primarily hurt by one-time charges and lower sales, partly offset by an income tax benefit. Both earnings and sales for the quarter came in short of analysts estimate.
The company reported first quarter net income of $2.2 million or $0.03 per share, as compared to $22.6 million or $0.34 per share in the same quarter last year. Adjusted earnings for the quarter were $17.9 million or $0.27 per share. Sales were $116.6 million, as compared to $122.4 million last year. Analysts expected earnings of $0.31 per share on sales of $119.8 million for the quarter.
Going ahead, the company expects second quarter GAAP results to range between a loss of $0.04 per share and earnings of $0.04 per share. Adjusted earnings are estimated in the range of $0.37 to $0.45 per share and sales of $146 million to $154 million. Analysts currently expect earnings of $0.41 per share on sales of $149.13 million for the second quarter.