Diebold Nixdorf rallies on ATM manufacturer’s revenue beat, plan to cut costs in 2019
Diebold Nixdorf Inc (NYSE:DBD) rallied Wednesday after the automatic teller machine manufacturer reported better-than-expected revenue and said it expected to cut costs in 2019.
The North Canton, Ohio-based company projected breaking even in terms of free cash flow this year.
Shares of Diebold climbed 41% to $7.36 in Wednesday’s New York trading.
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For the fourth quarter, Diebold posted an unexpected adjusted net loss of $0.08 per share on revenue of $1.3 billion, which was up 3.2% on an as-reported basis. The average forecast of analysts was for zero earnings per share on revenue of $1.22 billion.
“Revenue growth was underpinned by strength in Americas banking and retail,” CEO Gerrard Schmid said in a statement.
He added that the company is working on several initiatives “to improve our cost structure, intensify customer focus by evolving our connected-commerce solutions and significantly improve our financial position.”
Contact Dennis Fitzgerald at [email protected]
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/214565/diebold-nixdorf-rallies-on-atm-manufacturers-revenue-beat-plan-to-cut-costs-in-2019-214565.html
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