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NCR quarterly earnings rise 41 percent
May 7, 2008
DAYTON, Ohio — NCR Corp. has announced that its first-quarter earnings increased 41 percent, riding a robust growth rate in sales to banks and retailers and the sale of a manufacturing plant in Canada.
Reported revenue of $1.18 billion from continuing operations increased 19 percent over the first quarter of 2007 and included approximately 6 percentage points of benefit from foreign currency translation.
NCR reported first-quarter net income from continuing operations of $49 million, or $0.28 per diluted share, compared to a loss of $9 million or a $0.05 loss per share in the first quarter of 2007. Income from continuing operations for the first quarter of 2008 included a $16 million ($13 million after-tax) gain, or $0.07 gain per diluted share, resulting from the sale of a Canadian manufacturing facility.
"The new NCR has started 2008 on a positive note, delivering strong revenue growth, margin expansion and much improved cash flow," said Bill Nuti, chairman and chief executive officer of NCR. "Our vision for the new NCR is to lead how the world connects, interacts and transacts with business, and early in 2008 we're seeing increased traction for our newer self-service offerings as well as continued solid demand for core solutions and services across our geographic regions. Throughout this year and going forward, we are focused on implementing our strategies of generating profitable revenue growth, building a leading cost structure and improving our working capital. We have significant work ahead on each of these initiatives, but the progress exhibited by our first-quarter results indicates we are on the right path."
NCR now expects 2008 year-over-year revenue growth of 5 to 7 percent from continuing operations, up from previously provided guidance of 3 to 5 percent revenue growth.
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