Profits fell in the first half of Wincor Nixdorf AG's fiscal year even though second-quarter results in the Americas exceeded some analysts' expectations.
The Paderborn, Germany, automated teller machine maker's net income fell 6.3% year over year, to $79.16 million, for the six-month period that ended March 31.
Total sales fell 5.7%, to $1.54 billion. Hardware sales fell 14%, to $805.1 million, though software sales rose 6%, to $732 million.
Earnings before interest, taxes, depreciation and amortization fell 14.6%, to $116 million.
Wincor Nixdorf anticipates further declines in net sales and EBITDA for the remainder of the fiscal year, though the drop is not likely to be as steep as last year's, Eckard Heidloff, the company's president and chief executive, said in a press release Wednesday. "We have prepared ourselves for continued sluggishness within our markets."
The ATM maker's market share in the United States is growing, according to Gil Luria, an analyst with Wedbush Securities in Los Angeles. Wincor Nixdorf has already landed crucial deals with JPMorgan Chase & Co. and Wells Fargo & Co., and Luria said it is signing up more regional banks.
Second-quarter sales in the Americas rose 93.2%, to $113 million, well over Luria's projection of $66 million. First-half sales in the region rose 59.8%, to $216 million.