Diebold Inc. announced its preliminary Q3 2012 results today and lowered its full-year revenue and earnings per share outlook.
Revenue for the third quarter was approximately $710 million and earnings of $.27 per share, or $.39 on a non-GAAP basis, the company reported. For the entire 2012 year, Diebold said it expects total revenue growth to be around 6 percent, with full-year non-GAAP earnings between $2.25 to $2.30. That's a downward revision from previous revenue guidance of 6 to 8 percent growth and non-GAAP earnings of $2.50 to $2.60 per share.
"We're disappointed in our revised outlook, as the business mix from regional to national accounts in North America continued to accelerate at a faster rate than we anticipated," said Thomas W. Swidarski, Diebold president and CEO. "In addition, we have also experienced customer delays related to our financial self-service business in Brazil, which will have an adverse effect on our full-year results."
Swidarski said that despite these mix shift and timing issues, the fundamentals of the global markets in which the company operates, while cyclical, remain sound.
"To improve our near-term performance, we are taking steps to further reduce costs and better align our operations with the opportunities that exist in the markets we serve," Swidarski said. "We are committed to improving our operational performance, and will provide more details during our third quarter earnings conference call."
Diebold plans on releasing its full third quarter financial results on Oct. 25 before trading begins on the New York Stock Exchange. An investor call with Swidarski and Diebold EVP and CFO Bradley C. Richardson is scheduled that day for 10 a.m. Eastern.
For more stories like this, visit the Manufacturers research center.