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NCR initiates share repurchases, increases 2016 EPS guidance

The company has announced plans to repurchase $250M of its common stock in 2016 on top of the $1B repurchased last December.

March 8, 2016

NCR Corp. has commenced further repurchases of its common stock under its previously disclosed April 1999 and November 2000 authorized share repurchase programs.

The repurchases, which resumed in February, are expected to total $250 million in 2016. The transactions follow a successful $1 billion share repurchase in December 2015.

"Share repurchases are an important part of our capital allocation strategy," said NCR Chairman and CEO Bill Nuti. "Further, these repurchases are an indication of our confidence in future free cash flow, and our belief that the current stock price is very attractive."

As a result of the share repurchases, NCR is updating its full year 2016 guidance for non-GAAP diluted EPS to $2.85–$2.95 from its previous guidance of $2.72–$2.82. Additionally, the company has raised its full-year 2016 guidance for GAAP diluted EPS to $2.20–$2.30 from its previous guidance of $2.07–$2.17.

NCR also reaffirmed full-year and Q1 2016 guidance provided in an earnings call on Feb. 9.