Brazilian operation key to VeriFone's Latin American growth in fiscal Q2, CEO says

- Friday, June 3, 2011

Brazilian operation key to VeriFone's Latin American growth in fiscal Q2, CEO says

Brazilian operations continued to play a key role in US electronic payments company VeriFone's (NYSE: PAY) Latin American revenues in the second quarter of its fiscal 2011, ended April 30, CEO Doug Bergeron said during a conference call with investors.

"In Latin America, we continue to benefit from our market-leading position in the very strong Brazilian economy," the executive said.

During the quarter, the company secured a subscription-based PAYware card management solutions deal in Brazil, Bergeron said without naming the customer.

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Latin America climbed 11% in revenues during Q2 compared to the same quarter last year, he added, while VeriFone's international business grew 28%.

The company posted a global net profit of US$25.2mn in the fiscal second quarter, compared to US$20.2mn in the year-ago period, while total revenues reached US$292mn, climbing 21% year-on-year, VeriFone said in its earnings statement.

For fiscal Q3, VeriFone expects to report net revenues in the range of US$295mn-300mn.