NCR Q2 earnings slip

Source: NCR

NCR Corporation (NYSE: NCR) reported financial results today for the three months ended June 30, 2008.

Reported revenue of $1.33 billion increased 13 percent over the second quarter of 2007 and included approximately 5 percentage points of benefit from foreign currency translation.

NCR reported second-quarter income from continuing operations of $45 million, or $0.26 per diluted share, compared to $51 million or $0.28 per diluted share in the second quarter of 2007. Income from continuing operations for the second quarter of 2008 included $32 million ($23 million after-tax) in costs, or $0.14 per diluted share, resulting from organizational realignment activities. In the second quarter of 2007, income from continuing operations included $6 million of after-tax costs, or $0.03 per diluted share, related to the manufacturing realignment, a tax adjustment related to prior periods, and the Fox River environmental matter. Excluding these items, non-GAAP earnings from continuing operations(1) in the second quarter of 2008 were $0.40 per diluted share, which compares to $0.31 per diluted share in the prior year period.

"NCR's strong second quarter results were broad-based geographically and speak to continued solid demand for our self-service solutions," said Bill Nuti, chairman and chief executive officer of NCR. "Even in a challenging global economy, consumers want to connect, interact and transact with businesses in new ways, and NCR is at the forefront of helping our customers meet that demand. At the same time, we are striving to make the most of this opportunity by managing for profitable revenue growth, building a sustainable and leading cost structure, and improving our working capital position."

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