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NCR announces strong first-quarter results
Operational results ahead of expectations as previously disclosed
NCR reported first-quarter income from continuing operations (attributable to NCR) of $38 million, or $0.23 per diluted share, compared to income from continuing operations (attributable to NCR) of $19 million, or $0.12 per diluted share, in the first quarter of 2011. Income from continuing operations in the first quarter of 2012 included $39 million ($28 million or $0.17 per diluted share, after-tax) of pension expense, $9 million ($6 million or $0.04 per diluted share, after tax) of acquisition related amortization of intangibles, $4 million ($3 million or $0.02 per diluted share, after tax) of acquisition related integration costs and a $3 million ($2 million or $0.01 per diluted share, after tax) impairment charge related to an investment. Income from continuing operations for 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. Excluding these items, non-GAAP income from continuing operations(2) in the first quarter of 2012 was $0.47 per diluted share compared to $0.33 in the prior year period.
The results and cash flows related to the company's Entertainment line of business have been classified as discontinued operations in each period, and in the guidance, included in this release.
"Our strong first quarter results were driven by continued momentum in our Financial Services business, particularly among U.S. regional banks and in emerging markets worldwide," said Bill Nuti, chairman and CEO of NCR. "This growth was supported by continued traction in our new Hospitality vertical, as-expected contributions from Retail Solutions, and continued penetration into emerging industry verticals. NCR is driving profitable growth in and around its core businesses, with a focus on increasing the software and services component of our revenue mix. Our excellent start to the year and continued good execution give us the confidence to raise our outlook for 2012."
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