NCR Cuts FY22 Outlook; Stock Tanks 16%

(RTTNews) - While reporting its first-quarter results on Tuesday, NCR Corp. (NCR) lowered its outlook for the full year 2022. Following the news, the company's stock tanked 16% in extended trading session.

For the full year 2022, the company now expects revenues to be about $8 billion and adjusted earnings of $2.70 to $3.20 per share. Previously, the company expected revenues of $8 billion to $8.2 billion and adjusted earnings of $3.25 to $3.55 per share.

Analysts polled by Thomson Reuters currently estimates earnings of $3.39 per share on revenues of $8.11 billion.

"Our first quarter results were negatively impacted by the unprecedented confluence of another virus wave disruption, a war in Eastern Europe and dramatic cost inflation. These external factors collectively caused revenue reduction or delays of more than $90 million and Adjusted EBITDA reduction of more than $70 million due to both the lower revenue and dramatically higher costs for components, freight, fuel, and interest," the company said in a statement.

NCR closed Tuesday's trading at $37.35, down $2.66 or 6.65%, on the NYSE. The stock further slipped $6.00 or 16.06% in the after-hours trading.