News
Despite economy, NCR boasts new products, top ATM sales rank
February 5, 2009
DAYTON, Ohio — The weak economy bit into NCR Corp.'s revenue all over the world in 2008, but the news wasn't all bad as the company announced it had regained the No. 1 ATM sales position in North America.
According to a news release, year-over-year revenue was impacted by the overall downturn in the global economy, particularly in the retail industry. Revenue declined 8 percent in the Americas, namely because of lower sales in the retail and hospitality industries. In Europe, the Middle East and Africa, revenue dropped 8 percent because of the negative effect of foreign-currency translation. And revenue in Asia-Pacific was down 1 percent.
Net income for year totaled $228 million, down from the $274 million in net income the company reported in 2007. NCR netted $56 million in the fourth quarter of 2008, down from $89 million in 2007.
"NCR delivered fourth-quarter earnings in line with expectations and strong free cash flow against the backdrop of a worsening global economy," said Bill Nuti, chairman and chief executive of NCR. "In 2008, we made very good progress on each of our long-term business goals. We generated profitable revenue growth, made progress toward building the lowest cost structure in our industry, and optimized our capital structure. In addition to our solid financial performance, we launched more than 50 new products, regained the No. 1 share of ATM shipments in North America, while preserving our overall global share leadership position, and gained significant traction in our self-service initiative."
However, the company says it expects revenue to drop again this year between 2 percent and 6 percent from 2008's totals.
"The progress we have made helps fortify the company as we manage through the current macroeconomic turbulence," Nuti said. "Moreover, the work we have done positions us to come out of the economic downturn a stronger company."
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