Heartland Payment Systems Misses Earnings Estimates (HPY)

Heartland Payment Systems, Inc. HPY on Wednesday morning released financial results that missed Wall Street earnings expectations. Heartland Payment Systems, Inc reported 3rd quarter net income of $7.5 million, or 19 cents per share, compared to a net loss of $37.1 million, or 99 cents per share, a year earlier. Excluding special items, the company earned 20 cents per share. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 30 cents per share. Chairman and CEO Robert Carr said, “Third quarter transaction processing volume reached record levels on the strength of the second consecutive quarter of same store sales growth and the progress we are achieving improving new margin installed and reducing volume attrition. In the face of continued economic weakness, particularly for small and mid-sized merchants, these are encouraging signs that our comprehensive product offerings are meeting the needs of our target market. We also saw progress in our efficiency and productivity initiatives, as general and administrative expenses in the quarter were down from the year ago period. We believe there remains substantial opportunity to further leverage our infrastructure. Having adapted to a changed landscape of slower economic growth and heightened security concerns throughout our industry, we believe we are well-prepared to more aggressively focus on opportunities to grow and expand our franchise to create value for our shareholders.” Heartland Payment Systems, Inc. (HPY) ended the previous trading session at $14.69 per share. Analysts covering the company's stock have a consensus price target of $16.61 per share. Read more from Benzinga's Company news.