by Christopher Freeburn | July 30, 2012 1:50 pm
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.
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.
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