NCR income drops in Q1

Source: NCR

NCR Corporation (NYSE: NCR) reported financial results today for the three months ended March 31, 2015.

“We are off to a good start in 2015. Our first quarter results were in-line with our expectations and we improved execution across our organization,” said Chairman and CEO Bill Nuti.

“Our constant currency growth was driven primarily by the impact of our omni-channel solutions in Financial Services. In Retail Solutions, we are beginning to see investment priorities shifting from security back towards omni-channel and customer experience solutions and while we are not pleased with the operating results in Retail Solutions in the first quarter, we continue to forecast improvement in the second half of the year.

We expanded our total software revenues during the quarter, including strong cloud revenue growth, and further advanced our sales and services transformation initiatives as we work to build a stronger NCR. We are excited about the opportunities ahead of us this year and are focused on continuing to deliver innovation, value and leading omni-channel solutions to our customers.”

  • Revenue of $1.48 billion, down 3% as reported, up 3% constant currency; Growth in software-related revenue to $414 million, up 9% constant currency, and growth in cloud revenue to $134 million, up 20% constant currency growth
  • Non-pension operating income (NPOI) of $146 million, down 6% as reported, up 6% constant currency; GAAP income from operations decreased 12% to $95 million, primarily due to restructuring and foreign currency impacts
  • Non-GAAP diluted EPS of $0.43, GAAP diluted EPS of $0.23
  • Free cash flow improvement of $75 million; net cash provided by operating activities of $79 million
  • 2015 full year as reported guidance reaffirmed despite additional unfavorable FX impacts

Full figures available here.

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