Driven by increased business from U.S. regional banks, NCR Corp.’s first-quarter profits more than doubled from a year ago, the ATM maker reported April 19.
The company reported net income of $29 million for the period ended March 31, up 123% from $13 million a year earlier.
NCR's revenue rose 17%, to $1.24 billion from $1.06 billion.
The Duluth, Ga.-based company said revenue for its financial services segment, which includes ATM sales, rose 17.2%, to $694 million from $592 million a year earlier. The business also gained ground in Asia, the Middle East and Africa, the company said.
With ATM sales, "we are seeing improved or increased activity in the funnel," Bill Nuti, NCR chairman and chief executive, said during a conference call with investors. "It's a combination of" the financial services business "continuing to grow, but also retail kicking in the U.S. a little bit. So, we remain optimistic."
Revenue from NCR's retail solutions business dropped 8.7%, to $347 million from $380 million a year earlier. The decline stemmed from NCR's decision to remove its specialty retail and hospitality accounts to its newly formed hospitality segment, which had $113 million in revenue.
During the quarter, Sussex County Federal Credit Union is the first U.S. financial institution to install NCR’s new virtual teller ATMs, Aptra Interactive Teller (
Sean Sposito contributed to this article.
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