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NCR Announces Strong First-Quarter Results
- Operational results ahead of expectations
- Revenue growth of 6%; orders up 14% compared to prior year period
- GAAP Diluted EPS from continuing operations of $0.06 compared to a loss of $0.12 in the prior year period; non-GAAP Diluted EPS from continuing operations(1) of $0.27, an increase of 80% from the prior year period
- NCR repurchased approximately 1.8 million shares in the first quarter
- NCR raises full year 2011 earnings guidance
NCR Corporation (NYSE: NCR) reported financial results today for the three months ended March 31, 2011. Reported revenue of $1.1 billion increased 6 percent from the first quarter of 2010. First-quarter revenues reflect a favorable impact of 2 percent as a result of foreign currency translation.
NCR reported first-quarter income from continuing operations (attributable to NCR) of $10 million, or $0.06 per diluted share, compared to a loss from continuing operations (attributable to NCR) of $19 million, or $0.12 per diluted share, in the first quarter of 2010. Income from continuing operations in the first quarter of 2011 included $51 million ($35 million or $0.22 per diluted share, after-tax) of pension expense and $3 million ($2 million or $0.01 per diluted share, after-tax) of benefit from final settlement of a litigation matter. Income from continuing operations for the first quarter of 2010 included $56 million ($40 million or $0.25 per diluted share, after-tax) of pension expense and $5 million ($3 million or $0.02 per diluted share, after-tax) of incremental costs related to the relocation of the Company's global headquarters. Excluding these items, non-GAAP income from continuing operations(1) in the first quarter of 2011 was $0.27 per diluted share compared to $0.15 in the prior year period.
"Our first quarter results reflect good execution by the NCR team and give us incremental confidence to raise guidance for 2011," said Bill Nuti, chairman and chief executive officer of NCR. "Our core industries generated solid order and revenue growth driven by our global market leadership in the financial services segment, strong demand for our retail self-checkout solutions and growth in services. We secured improved results from our emerging industries segment as well, including new deployments and improving performance in entertainment. As we move through 2011, NCR is focused on continued order momentum, driving adoption of innovative new solutions across customer verticals and furthering productivity and efficiency gains to expand margins and increase cash flow."
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