VeriFone Systems Inc. (NYSE: PAY) reported second-quarter fiscal 2015 results after markets closed Thursday. The electronic payments company posted adjusted diluted earnings per share (EPS) of $0.44 on $490 million in revenues. In the same period a year ago, the company reported adjusted EPS of $0.37 on revenue of $466.8 million. Second-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.42 and $489.1 million in revenue.

On a GAAP basis, the company posted second-quarter EPS of $0.15, which excludes stock-based compensation and restructuring charges, among other items. VeriFone posted a $0.22 per share GAAP loss in the same quarter last year.

The company’s third-quarter guidance calls for EPS in a range of $0.44 to $0.46 and revenues in a range of $495 million to $500 million. The analysts’ consensus calls for EPS of $0.46 on revenues of $501 million. VeriFone’s numbers shouldn’t please investors Friday morning.

For the full 2015 fiscal year, the company raised its EPS estimate from a prior range of $1.78 to $1.82 to a new range of $1.81 to $1.84. VeriFone also raised the low end of its revenue guidance by $5 million to $1.995 billion. The high-end of the range remained unchanged at $2 billion.

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The company’s CEO said:

Q2 was an important quarter for Verifone. The team performed extremely well across a number of key areas as we achieved record North America results while also gaining share across several key European markets. The progress we are making in our Year of Product with more certified solutions and offerings is beginning to yield benefits.

VeriFone may be making progress but it is not apparent from its results. When VeriFone reported fourth-quarter earnings last December, it forecast revenues at $2.02 billion to $2.04 billion and EPS at $1.85 to $1.90 for the 2015 fiscal year, already weaker than the then-consensus estimates calling for revenues of $2.03 billion and EPS of $1.97.

The company no longer expects to hit even the low end of its original EPS or revenue guidance. That is not progress; it is rather resetting expectations lower. So far investors have repaid VeriFone by lifting its stock price to a new 52-week high since its December announcement. That is one of those things that cannot go on forever and, therefore, won’t. Investors will decide when they have had enough.

The company’s shares traded down about 1.4% in after-hours trading Thursday at $37.80. The current 52-week range is $28.19 to $39.25 and the stock closed at $38.35. Thomson Reuters had a consensus analyst price target of $41.00 before the second-quarter results were announced. The highest price target is $47.00.

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