IDT Corp. (NYSE: IDT) released its fiscal fourth-quarter financial results after the markets closed on Tuesday. The company said that it had $0.40 in earnings per share (EPS) and $392.6 million in revenue, which compares with $0.07 in EPS and $395 million in revenue posted in the same period of last year.
Telecom & Payment Services (TPS) contributed 97.5% of IDT’s revenue in the fourth quarter. In this time TPS, revenue decreased 0.9% to $383.0 million, while TPS revenue less direct costs increased 16.6% to $60.9 million.
In terms of this segment, the company reported:
- Retail Communications decreased 2.4% year over year to $148.9 million.
- Wholesale Carrier Services decreased 5.7% to $158.4 million.
- Payment Services increased 14.7% to $75.7 million.
Beginning in July and continuing through October 5, IDT repurchased about 1.1 million shares of its Class B Common stock for $5.8 million pursuant to its outstanding repurchase authorization of 8.0 million shares.
IDT also announced that it has discontinued its quarterly dividend, electing instead to return value to stockholders through share repurchases while investing in its growth business initiatives.
Shmuel Jonas, CEO of IDT, commented:
The fourth quarter overall was consistent with recent trends, but our top and bottom lines were positively impacted by the growth in our early stage businesses. The resilience in many of our core offerings also collectively increased profitability despite facing industry-wide headwinds for paid voice minutes.
Shares of IDT were last seen up about 29% at $6.84, with a consensus price target of $18.00 and a 52-week trading range of $4.82 to $16.48.