STRATEGIC PARTNERS
April 9, 2003
DAYTON, Ohio -- NCR Corp. said on April 9 that its first-quarter loss will be smaller than expected when it announces financial results on April 24 and that the fiscal year could bring a profit.
The manufacturer said its loss will be less than 30 cents per share; Thomson Financial analysts had predicted a per-share loss of 48 cents.
In January NCR had warned that its first-quarter loss would be 45 cents to 50 cents per share.
First-quarter revenue will be about $1.23 billion, down 1 percent compared to $1.25 billion for 2002's first quarter, NCR said.
"Although the uncertainty of the economic environment limits visibility for the remainder of the year, our operational performance in the first quarter reinforces our confidence" in full-year earnings of 43 cents per share, said Mark Hurd, the company's newly appointed president and chief executive.
NCR in November announced its first job cuts since 1999 as part of an effort to offset a decline in pension fund income and a downturn in demand. In February it appointed Hurd after Lars Nyberg stepped down. Hurd, a 20-year NCR veteran, had led the company's Teradata division to financial success.
NCR's shares gained as much as 12 percent on the news before closing at $20.40 on April 9, up about 9 percent.
