VeriFone Is Doing Everything Right and Paying Its Investors Well
On an adjusted basis, the company reported a profit of 37 cents per share, beating expectations by more than 13%. But VeriFone, whose stock has surged more than 45% since Target's data breach, is not done.
Management guided third-quarter revenue to be in the range of $455 million to $460 million, topping estimates of $453.8 million. Investors should be encouraged by the obvious signs of life that VeriFone has developed after, seemingly, being left for dead last summer.
So it's been no coincidence the company's recovery began when Paul Galant was installed as CEO last September. Galant's prior role and experience as head of the Enterprise Payments and Cards unit at Citigroup (C) is paying off. The stock should continue to pay investors.
At the time of publication, the author held no position in any of the stocks mentioned.Follow @Richard_WSPB
This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff. >>Read more: Intel Turns to Rockchip to Scale the Great Wall of China's Tablet Market