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Diebold Nixdorf takes Q2 2022 revenue hit

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August 3, 2022

Diebold Nixdorf Inc. suffered a Q2 2022 revenue hit primarily due to the foreign currency translation impact of the declining value or the Euro in comparison to the U.S. dollar and longer lead times resulting from global supply chain and logistics issues, according to an earnings release.

Highlights include:

• Net sales declined 9.7% from $943.5 million in Q2 2021 to $851.7 million for the quarter ending June 30, 2022 on a GAAP basis. Net sales declined 10.3% from $943.5 million to $846 million on a non-GAAP basis.
• Net loss rose from $30.3 million to $199.1 million on a GAAP basis for the comparative quarters, while net income increased from $8 million to $31.6 million on a non-GAAP basis.
• Diluted loss per share increased from 39 cents to $2.52 on a GAAP basis while diluted earnings per share rose from 10 cents to 38 cents on a non-GAAP basis.
• Banking revenue fell 3.1% from $638.5 million to $590.2 million. The DN Series ATMs are now live in more than 90 countries with over 570 certifications. The shift away from legacy devices continues, with DN Series cash recyclers comprising 82% of new banking orders in North America.
• Retail revenue fell 5.5% from $305 million to $261.5 million. Self-checkout products continue to drive the retail business with these solutions growing faster than the market, specifically in Europe.

Shares traded today at $4.60 against a 52-week range of $2.13-$11.90.

The $846 million in non-GAAP quarterly revenue missed analyst expectations by $40.96 million, according to Seeking Alpha.

"During my first full quarter as CEO, we delivered on our prior commitments with sequential quarter-over-quarter improvement on a number of key measures," Octavio Marquez, president and CEO, said in the press release. "Over the past several weeks, our company has worked quickly to take important steps to become more agile and better equipped to face challenges in a difficult macroeconomic environment. We recently implemented a new and simplified operating model that will help us improve our financial performance, elevate customer service and put us on a path toward a stronger future."

The company revised its full year revenue outlook from $3.7 billion - $3.9 billion to $3.55 billion - $3.7 billion.

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DIEBOLD NIXDORF

As a global technology leader and innovative services provider, Diebold Nixdorf delivers the solutions that enable financial institutions and retailers to improve efficiencies, protect assets and better serve consumers.

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