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Diebold reports Q3 loss
November 3, 2009
Diebold Inc. reported Tuesday it lost more than $7.1 million on revenue of $645.2 million for the three months ending Sept. 30., according to a story in the Akron, Ohio, Business Journal.
Results were below analysts' estimates.
Revenue for the quarter was off 26 percent from a record $869.1 million in the 2008 third quarter. The company reported earnings of $46.5 million in Q3 2008.
Earnings were impacted by a loss of $31.4 million on the sale of Diebold's Premier Election Systems and other one-time charges, officials said.
Year to date, Diebold reported a net income of $24.9 million on revenue of nearly $2 billion. The company earned $87.5 million on revenue of nearly $2.3 billion for the same period in 2008.
Diebold is projecting full-year earnings of between $1.34 and $1.39 a share, a change from the previous guidance of $1.34 to $1.52 per share. Revenue for the year is projected to fall between 13 percent and 9 percent, compared with a previous estimate of 13 percent to 7 percent.
The company continues to shift its focus toward services instead of manufacturing, officials said.
According to the story:
''While we performed well in the third quarter considering the environment we're facing, consumer spending remains very, very strained in our core financial markets,'' Thomas Swidarski, president and chief executive officer, told investors in a conference call. ''Overall, we still believe our markets reached their low point earlier this year, while we've not seen any rebound in demand. In most markets, we've seen further signs of stability.''Swidarski said Diebold continues to reduce operating expenses while still investing in future products and services.
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