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From the White House – New Federal Approach to Hiring
By Jim Mackinnon
Beacon Journal business writer
POSTED: 10:16 a.m. EDT, Aug 04, 2009
Diebold Inc. made a better-than-expected profit for the second quarter, but ratcheted down slightly its earnings outlook for the year.
The Green company, which makes automated teller machines and is expanding its financial services business, made $30.6 million, or 46 cents a share, on revenue of $700.5 million for the quarter ending June 30. Income was up 5 percent from a year ago, when it reported making $27.2 million, or 41 cents per share. Revenue was down 9 percent from the second quarter of 2008.
‘‘. . . There are signs that the market has bottomed out and is beginning to stabilize,’’ Tom Swidarski, president and chief executive officer, said in a prepared statement. ‘‘For the remainder of this year, however, we don't expect any significant rebound in demand as spending remains tight with our financial customers.’’
Industry analysts had expected Diebold to report making 33 cents per share. Revenue, while down from a year ago, also exceeded consensus expectations.
Shares rose 9.9 percent, or $2.82, to $31.19 as of 11:35 a.m. Shares are up 13.4 percent, including reinvested dividends, as of Jan. 1 and are down 11.7 percent from a year ago.
Diebold said it expects to make $1.34 to $1.52 per share based on generally accepted accounting principles, or $1.70 to $1.90 on a non-GAAP basis. Diebold previously said it expected to make $1.33 to $1.60 a share, or between $1.70 and $2 on a non-GAAP basis.
In addition to making ATMs, Diebold also makes security systems and electronic voting machines, and is changing to provide a higher emphasis on providing services to the banking and financial services industries.
‘‘In light of the rapid changes taking place in the financial industry, we must continue to assess our operations,’’ Swidarski said. ‘‘As such, we continue to evaluate our manufacturing footprint, our current lines of business and our go-to-market strategies to strengthen our competitive position moving forward.’’
Diebold Inc. made a better-than-expected profit for the second quarter, but ratcheted down slightly its earnings outlook for the year.
The Green company, which makes automated teller machines and is expanding its financial services business, made $30.6 million, or 46 cents a share, on revenue of $700.5 million for the quarter ending June 30. Income was up 5 percent from a year ago, when it reported making $27.2 million, or 41 cents per share. Revenue was down 9 percent from the second quarter of 2008.
‘‘. . . There are signs that the market has bottomed out and is beginning to stabilize,’’ Tom Swidarski, president and chief executive officer, said in a prepared statement. ‘‘For the remainder of this year, however, we don't expect any significant rebound in demand as spending remains tight with our financial customers.’’
Industry analysts had expected Diebold to report making 33 cents per share. Revenue, while down from a year ago, also exceeded consensus expectations.
Shares rose 9.9 percent, or $2.82, to $31.19 as of 11:35 a.m. Shares are up 13.4 percent, including reinvested dividends, as of Jan. 1 and are down 11.7 percent from a year ago.
Diebold said it expects to make $1.34 to $1.52 per share based on generally accepted accounting principles, or $1.70 to $1.90 on a non-GAAP basis. Diebold previously said it expected to make $1.33 to $1.60 a share, or between $1.70 and $2 on a non-GAAP basis.
In addition to making ATMs, Diebold also makes security systems and electronic voting machines, and is changing to provide a higher emphasis on providing services to the banking and financial services industries.
‘‘In light of the rapid changes taking place in the financial industry, we must continue to assess our operations,’’ Swidarski said. ‘‘As such, we continue to evaluate our manufacturing footprint, our current lines of business and our go-to-market strategies to strengthen our competitive position moving forward.’’
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