Diebold Misses Q2 Earnings, Shares Sink

The company lowered its 2012 earnings guidance due to strong dollar

   

Diebold (NYSE:DBD) reported second-quarter earnings that missed analysts’ forecasts and reduced its earnings outlook for the full year on Monday, sending its shares down sharply.

The company said that it earned $26.5 million during the second quarter, up 27% from $20.8 million in the same period last year.

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Revenue increased 12% to $743.2 million, which beat Wall Street, which was looking for $729.8 million, the Associated Press noted.

Adjusted EPS came in at 49 cents. That fell well short of analysts, who had forecast 58 cents a share.

The automated teller machine maker lowered its outlook for the rest of the year. It estimates earnings for 2012 of between $2.50 and $2.60 a share, down from an earlier range of $2.50 to $2.70 a share.

That disappointed analysts who were expected $2.67 a share for the year.

Investors pummelled Diebold shares, which dropped more than 8% in afternoon trading.

Company officials attributed the diminished earnings range to the negative affect of a rising U.S. dollar on overseas sales, particularly in Brazil.

Revenue is forecast to grow between 6% and 8% for the year, amounting to between $3.01 billion and $3.07 billion. Analysts expect $3.06 billion.


Article printed from InvestorPlace Media, http://investorplace.com/2012/07/diebold-misses-q2-earnings-shares-sink/.

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