Brazil fuels VeriFone's Latin American revenues in fiscal Q1

- Thursday, March 3, 2011

Brazil fuels VeriFone's Latin American revenues in fiscal Q1

Brazilian operations continued to boost US electronic payments company VeriFone's (NYSE: PAY) Latin American revenues in the first quarter of its fiscal year 2011, ended January 31, CEO Doug Bergeron said during a conference call with investors.

"In Latin America, we are capitalizing on a booming Brazilian economy and a recently deregulated payment marketplace, where demand for technology-enabled payment systems is very strong," Bergeron said. "Brazil's economy is now growing at rates equivalent to China, but with the added advantage of having an even stronger consumer economy, where retailers are motivated to provide the best possible checkout experience for their consumers."

Latin America led international business growth for VeriFone, climbing 23% in revenues compared with the same quarter last year, the executive said.

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The company posted a global net profit of US$32mn in the fiscal first quarter, surging 202% compared with the year-ago period, while total revenues reached US$284mn in the quarter, climbing 27% year-on-year, VeriFone said in its earnings statement.

For fiscal Q2, VeriFone expects to report net revenues in the range of US$280mn-284mn.

Use this link to see Verifone's full earnings report.