NCR Announces Strong Fourth-Quarter Results

(PresseBox) ( Duluth, )
.
- Operational results ahead of expectations; year-end backlog of $1.0 billion up 14% versus prior year-end
- Revenue growth of 17% compared to prior year period
- GAAP diluted EPS from continuing operations of $(0.08) compared to $0.20 in the prior year period; non-GAAP diluted EPS from continuing operations(2) of $0.65, an increase of 16% from the prior year period
- Strong cash flow growth; Operating cash flow of $270 million and free cash flow(3) of $229 million
- 2012 full year guidance provided; expect:

- revenue growth of 7% to 9% on a constant currency basis;
- GAAP income from operations of $360 million to $375 million, an increase of 454% to 477%;
- non-pension operating income (NPOI)(2) of $560 million to $575 million, an increase of 29% to 32%;
- GAAP diluted EPS from continuing operations of $1.47 to $1.54, an increase of 374% to 397%; and
- non-GAAP diluted EPS from continuing operations(2) of $2.36 to $2.43, an increase of 23% to 27%

NCR Corporation (NYSE: NCR) reported financial results today for the three months ended December 31, 2011. Reported revenue of $1.64 billion increased 17 percent from the fourth quarter of 2010, on both an actual and a constant currency basis.

NCR reported fourth-quarter loss from continuing operations (attributable to NCR) of $13 million, or $0.08 per diluted share, compared to income from continuing operations (attributable to NCR) of $33 million, or $0.20 per diluted share, in the fourth quarter of 2010. Income from continuing operations in the fourth quarter of 2011 included $56 million ($38 million or $0.23 per diluted share, after-tax) of pension expense, a $98 million ($70 million or $0.43 per diluted share, after tax) impairment charge related to the Entertainment line of business, $5 million ($3 million or $0.02 per diluted share, after tax) of acquisition related transaction costs, $1 million ($1 million or $0.01 per diluted share, after tax) of acquisition related severance costs, and $9 million ($6 million or $0.04 per diluted share, after tax) of acquisition related amortization of intangible assets. Income from continuing operations for the fourth quarter of 2010 included $52 million ($43 million or $0.27 per diluted share, after-tax) of pension expense, a $14 million ($9 million or $0.06 per diluted share, after-tax) impairment charge related to an investment, and an $8 million ($5 million or $0.03 per diluted share, after-tax) litigation charge. Excluding these items, non-GAAP income from continuing operations(2) in the fourth quarter of 2011 was $0.65 per diluted share compared to $0.56 in the prior year period.

"2011 was a highly successful year for NCR as our consistent execution drove record revenues and gross margin and excellent free cash flow growth," said Bill Nuti, chairman and CEO of NCR. "We generated strong order growth in our core financial and retail businesses and these businesses closed the year with the highest combined backlog in our history. We also established an attractive third core vertical - Hospitality and Specialty Retail -- that furthers our strategy of improving our revenue mix in favor of software and services. Looking ahead, we are operating with an intense focus on mining the significant opportunities in our core businesses, as well as our growing presence in emerging verticals, such as Telecom & Technology and Travel, that leverage both our ability to innovate and our strong services footprint."
The publisher indicated in each case is solely responsible for the press releases above, the event or job offer displayed, and the image and sound material used (see company info when clicking on image/message title or company info right column). As a rule, the publisher is also the author of the press releases and the attached image, sound and information material.
The use of information published here for personal information and editorial processing is generally free of charge. Please clarify any copyright issues with the stated publisher before further use. In the event of publication, please send a specimen copy to service@pressebox.de.