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NCR Corp., the world's largest ATM manufacturer based on 2007 shipments, today reported net income of $80 million for the third quarter ended Sept. 30, up 51% from $53 million for the same three-month period last year. The Dayton, Ohio-based company reported revenue of $1.4 billion, up 7.7% from 1.3 billion. "We demonstrated resiliency in a weakened economic environment because we are executing well against our strategic priorities, managing for profitable revenue growth, building a sustainable and leading cost structure and improving our working capital position," Bill Nuti, NCR president and CEO, said in a statement. NCR raised its 2008 outlook and expects revenue growth of 8% to 9%, up from 6% to 8% revenue growth predicted earlier this year. "They are still going nicely even though things in the economy are not doing well," Gil Luria, analyst with Los Angeles-based Wedbush Morgan Securities Inc., tells CardLine sister publication ATM&Debit News. Revenue in the Americas, which include North America, South America, Central America, Mexico and Canada, grew 9% to $620 million from $569 million for the same three-month period last year. Revenue from Europe, the Middle East and Africa increased 4% to $502 million from $483 million, and revenue from Asia-Pacific was $257 million, up 14% from 226 million for the same three-month period last year. Nuti attributed the Asia-Pacific growth to a strong demand for NCR's products and services in China and Japan. NCR also highlighted the progression of its SelfServ line of ATMs. More than 8,000 units have been ordered by more than 230 customers worldwide so far this year. "Customer reception for our new product line has been extremely positive," Nuti told analysts during a conference call.
