"Market conditions within the retail industry worsened in the third quarter," says CEO Bill Nuti. "This resulted in our retail customers spending more cautiously than anticipated and further delaying solution rollouts." Nuti also notes heightened data security concerns as causing retailers to shift IT priorities, resources, and capital spending.
Preliminary Q3 results: Non-pension operating income of $204M vs. previous guidance of $215M-$225M. Non-GAAP EPS of $0.67 is also shy of company expectations, and Street consensus of $0.71.
Full-year EPS guidance of $2.60-$2.70 per share on revenue of $6.58B-$6.63B compares to $3-$3.10 and $6.75B-$6.85B previously. Free cash flow of $225M-$275M vs. $250M-$300M previously.
The Q3 earnings report is set for October 28.
More from Nuti: "Our Financial Services business remains a bright spot, Q3 free cash flow improvement was strong, and our previously announced restructuring program is on track to deliver annual run-rate savings of approximately $90 million by 2016."
NCR -12% premarket
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