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NCR Announces Strong Second-Quarter Results
- Operational results ahead of company expectations
- Revenue growth of 12%; orders up 15% compared to prior year period
- GAAP Diluted EPS from continuing operations of $0.22 compared to $0.12 in the prior year period; non-GAAP Diluted EPS from continuing operations(1) of $0.46, an increase of 31% from the prior year period
- NCR raises full year 2011 revenue and earnings guidance
NCR Corporation (NYSE: NCR) reported financial results today for the three months ended June 30, 2011. Reported revenue of $1.31 billion increased 12 percent from the second quarter of 2010. Second-quarter revenues reflect a favorable impact of 6 percent as a result of foreign currency translation.
NCR reported second-quarter income from continuing operations (attributable to NCR) of $35 million, or $0.22 per diluted share, compared to income from continuing operations (attributable to NCR) of $20 million, or $0.12 per diluted share, in the second quarter of 2010. Income from continuing operations in the second quarter of 2011 included $53 million ($38 million or $0.23 per diluted share, after-tax) of pension expense and $1 million ($1 million or $0.01 per diluted share, after tax) of acquisition related costs. Income from continuing operations for the second quarter of 2010 included $50 million ($33 million or $0.20 per diluted share, after-tax) of pension expense and $7 million ($4 million or $0.03 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 second quarter of 2011 was $0.46 per diluted share compared to $0.35 in the prior year period.
"Our second quarter performance was driven by the NCR team's ongoing ability to execute on our strategy and our growth initiatives and provides us the confidence to increase our full year guidance," said Bill Nuti, chairman and chief executive officer of NCR. "We continue to capitalize on growing business opportunities in our core industries where our leadership resulted in strong order activity and revenue growth, reflecting increased demand in our core solutions both domestically and internationally. Our recently-announced plan to acquire Radiant Systems will extend that core by moving us into a leadership position in a third vertical that is exceptionally complementary to our financial and retail businesses and that offers compelling growth potential. At the same time, we're extending our lead in emerging industries like Telecom and Technology and Travel. And we're extremely well-positioned in our Entertainment business while also exploring partnerships or other alternatives for our DVD kiosk operations."
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