NEW YORK (TheStreet) -- Shares of Net 1 UEPS Technologies Inc. (UEPS) are higher by 7.61% to $12.59 on Friday morning after the company reported an increase in 2014 fourth quarter net income to $28.5 million, or 59 cents per share, compared to $8.2 million, or 18 cents per share for the year ago period.
The payment solutions provider's net income beat the 33 cents per share analysts had forecast.
Net 1 said revenue for the most recent quarter grew to $182.75 million, from $117.88 million for the 2013 fourth quarter.
Analysts expected $142.31 million in revenue.
"Our results once again demonstrate our ability to implement large and complex national projects efficiently, and to rationalize our cost structure in order to drive margin improvement. We can achieve such results due to our superior technological solutions and their ability to adapt seamlessly to the ever-changing needs of our markets and our customers," said company CEO Dr. Serge Belamant.
Separately, TheStreet Ratings team rates NET 1 UEPS TECHNOLOGIES INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate NET 1 UEPS TECHNOLOGIES INC (UEPS) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, attractive valuation levels, compelling growth in net income and good cash flow from operations. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."