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NCR improves Q2 2022 sales, earnings

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July 28, 2022

NCR Corp. lifted its Q2 2022 revenue by nearly 20% against the prior year period, posting gains in nearly all business segments, according to an earnings release.

Second quarter 2022 revenue includes the results of the Cardtronics business, which was acquired on June 21, 2021, and the results of the LibertyX business, which was acquired on Jan. 5, 2022.

Q2 2022 highlights include:

• Revenue jumped 19% from $1.67 billion in Q2 2021 to $1.99 billion in the quarter ending June 30, 2022.
• Second quarter net income from continuing operations attributable to NCR of $35 million increased from net loss from continuing operations attributable to NCR of $9 million in the prior year period.
• Diluted earnings per share from continuing operations on a GAAP basis improved from 10 cents to 22 cents in the comparative quarters.
• Diluted earnings per share from continuing operations on a non-GAPP basis rose from 62 cents to 71 cents.
• Payments and network revenue jumped 515% from $54 million to $332 million.
• Digital banking revenue rose 2% from $129 million to $131 million.
• Self-service banking revenue rose 5% from $645 million to $679 million.
• Retail sales remained flat at $562 million.
• Hospitality sales rose 11% from $215 million to $238 million.
• "Other" revenue declined 21% from $77 million to $61 million.

Shares traded at $32.58 today against a 52-week range of $27.05-$46.73.

The nearly $2 billion in quarterly revenue beat analyst expectations by $20 million while the non-GAAP EPS of 71 cents beat expectations by 11 cents, according to Seeking Alpha.

"We delivered solid results in the second quarter with strong revenue growth and higher profitability, despite the difficult macroeconomic environment," CEO Michael Hayford said in the press release. "We made significant progress in the strategic growth initiatives that are transforming NCR into a software-led as-a-service company with a higher mix of recurring revenue streams."