IDT Corporation (NYSE: IDT) shares rose after the company reported Q4 earnings of $0.33 per share, versus a year-ago loss of $0.41 per share. Its adjusted earnings came in at $0.40 per share. Revenue declined to $392.6 million from $395 million.
The Newark, New Jersey-based IDT said 4Q18 EPS of $0.33 compared to a loss per share of $0.41. FY 2018 EPS of $0.17 compared to $0.35.
Moreover, 4Q18 non-GAAP EPS increased to $0.40 compared to $0.07. FY 2018 non-GAAP EPS of $0.51 was unchanged compared to FY 2017.
A news release out Wednesday morning said, following the quarter close, IDT's net2phone subsidiary acquired Versature, a provider of unified communications services to Canadian businesses
Beginning in July and continuing through October 5, IDT repurchased approximately 1.1 million shares of its Class B Common stock for $5.8 million pursuant to an outstanding repurchase authorization of eight million shares.
The release also said IDT has discontinued its quarterly dividend, electing instead to return value to stockholders through share repurchases while investing in its growth business initiatives.
CEO Shmuel Jonas said, "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 vaulted $1.38, or 26.2%, early Wednesday to $6.65
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