Technology giant NCR Corp.’s profit soared fivefold in the third quarter, beating analysts’ expectations.
The Duluth-based maker of ATMs and cash registers earned $85 million for the quarter, or 51 cents per share, compared to profit of $17 million, or 9 cents per share in the quarter a year ago.
Analysts expected earnings of 36 cents per share, according to Bloomberg.
Revenue climbed 6.3 percent to $1.2 billion. The company’s Europe/Middle East/Africa division reported 10 percent revenue growth from higher product and services sales, while revenue increased 4 percent in its Americas segment.
Third quarter earnings including a $50 million charge for pension expenses, a $45 million income tax benefit and $6 million in incremental costs related to the company’s June 2009 move from Dayton, Ohio, to Duluth.
"The entire NCR team executed at a high level during the third quarter and we are on track to deliver growth for the full year," NCR Chairman and CEO Bill Nuti said in an earnings release.
With orders and revenue climbing, Nuti said the company has “entered the fourth quarter with momentum across our businesses.”
NCR revised its outlook for the full year. Revenue is still expected to increase 2 percent to 5 percent, but full year earnings per share are expected to range from $1.42 to $1.50, minus anticipated pension expenses.
On Tuesday, NCR reported it had acquired Mobiqa, which provides tickets, boarding passes and coupons on mobile devises for the entertainment, travel and retail industries.
The company has also branched out into movie rental terminals.
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