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4-Traders Homepage  >  Equities  >  Nyse  >  Diebold Inc    DBD

Delayed Quote. Delayed  - 07/29 10:02:00 pm
28.24 USD   -0.35%
07/29 WINR NIXD : In advance of Diebold combination, Wincor earnings rise
07/28 DIEBOLD : reports 2Q loss
07/28 DIEBOLD : Reports 2016 Second Quarter Financial Results
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WINR NIXD : In advance of Diebold combination, Wincor earnings rise

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07/29/2016 | 06:11pm CEST

Three quarters into its current fiscal year, Wincor Nixdorf AGis reaping the rewards of its restructuring program more rapidly than originally projected, the company announced this week in its latest earnings report.

Net sales increased 10 percent, to 1.93 billion euros/$2.15 billion (previous year: 1.77 billion euros/$1.98 billion). Operating profit before nonrecurring items amounted to 155 million euros/$173 million (75 million euros/$84 million).

After nonrecurring items, EBITDA was up, at 146 million euros/$163 million (40 million euros/$45 million). Profit for the period, which takes into account transaction costs incurred to date in respect of the business combination between Diebold Inc.and Wincor Nixdorf, stood at 89 million euros/$99 million (25 million euros/$28 million).

In presenting results for the third quarter, the company also set out in more concrete terms its guidance for the full fiscal year 2015-2016, projecting net sales growth of approximately 6 percent.

Operating profit before nonrecurring items is likely to total 190 million euros/$ million, the company said. Nonrecurring items are expected to amount to between zero and more than 30 million euros/$35 million-plus, including restructuring expenses and positive effects from M&A activities.

"Overall, we can look forward with confidence," said company CEO and president Eckard Heidloff. "Wincor Nixdorf has done its homework and plans for the business combination with Diebold are progressing well. Together, we are looking to create a powerful new IT company that is an innovative and reliable partner to both retail banks and retailers in these dynamic times."

Having exceeded the minimum acceptance threshold as part of its takeover bid for Wincor Nixdorf shares, Diebold requires regulatory approval from antitrust authorities in 11 countries before the transaction can be successfully concluded.

By the end of the third quarter the companies had received official authorizations from 10 countries; regulatory approval from the anti-cartel authority in Poland is still outstanding. The companies have said they remain confident that the business combination will be concluded this summer.

Slight increase in banking, strong growth in retail

The banking segment saw net sales increase 1 percent to 1.16 billion euros/$1.3 billion in the first nine months of the fiscal year (1.15 billion euros/$1.28 billion). After nonrecurring items, Banking segment EBITA reached 99 million euros/$1.1 billion; this figure includes 9 million euros/$10 million in expenses from nonrecurring items. Excluding expenses from nonrecurring items, Banking segment EBITA rose 56 million euros/$63 million to 108 million euros/$1.2 billion (52 million euros/$58 million). This corresponds to growth of 108 percent.

Net sales generated in the retail segment rose 25 percent, to 774 million euros/$ million (619 million euros/$864 million) for the reporting period. Retail segment EBITA, which includes offsetting nonrecurring items, rose 24 million euros/$27 million year over year to 47 million euros/$53 million in the reporting period (23 million euros/$26 million). This corresponds to growth of 104 percent.

Growth in all regions

In Germany, net sales for the first nine months of the fiscal year were 5 percent higher year over year. Germany contributed 22 percent (23 percent) to total net sales at group level. In the third quarter of the fiscal year, net sales in Germany increased 13 percent year over year.

Net sales in Europe (excluding Germany) over the first nine months of the fiscal year were up 11 percent. This region contributed the largest part of total net sales for the group at 47 percent (46 percent). In the third quarter, net sales in this category rose 11 percent.

Asia/Pacific/Africa saw net sales rise 3 percent in the first nine months of the current fiscal year. The region contributed a share of 18 percent (20 percent) to total net sales for the group. Third quarter net sales in Asia/Pacific/Africa rose 4 percent.

The Americas saw net sales increase 25 percent in the first nine months of the fiscal year. The proportion of group net sales generated in the region was 13 percent (11 percent). In the third quarter, net sales in the region were up 33 percent.

Hardware and software/services sales up

In the first nine months of the fiscal year, net sales attributable to the hardware business rose 17 percent. Net sales from software/services increased 4 percent.

The share of total net sales generated by the hardware business was 44 percent in the third quarter (41 percent). The proportion of total net sales from software/services fell to 56 percent (59 percent).

Copyright © 2016 Networld Media. All rights reserved., source Industry News

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Financials ($)
Sales 2016 2 397 M
EBIT 2016 147 M
Net income 2016 246 M
Debt 2016 -
Yield 2016 4,07%
P/E ratio 2016 19,34
P/E ratio 2017 22,41
Capi. / Sales 2016 0,77x
Capi. / Sales 2017 0,74x
Capitalization 1 841 M
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Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 35,2 $
Spread / Average Target 25%
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NameTitle
Andreas Walter Mattes President, Chief Executive Officer & Director
Henry D. G. Wallace Non-Executive Chairman
Christopher A. Chapman Chief Financial Officer & Senior VP
Gale S. Fitzgerald Independent Director
Alan J. Weber Independent Director
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