Diebold Nixdorf restored its full-year financial outlook as preliminary earnings data through the end of May showed improvement from year-ago figures.
The financial services and ATM company reported a 93% surge in operating profit to $106.9 million on a year-to-date basis, based on preliminary data through the end of May.
“Our year-to-date results through May demonstrate the resiliency of our business during the COVID-19 pandemic and solid execution of our DN Now transformation initiatives,” Gerrard Schmid, president and CEO of Diebold Nixdorf, said in the preliminary report.
He noted that operating profit of almost $107 million was $52 million ahead of year-ago figures, giving the company enough confidence to restore its financial outlook for the year.
Revenue of $1.4 billion was down more than 17%, or $303 million, from year-ago periods. The company reported $124 million in net unplanned reductions related to COVID-19 and $98 million in planned reductions.
The company is forecasting annual revenue of $3.7 billion to $3.9 billion, including foreign currency headwinds of $120 million and divestiture impacts of $80 million.
The forecast calls for adjusted EBITDA of $400 million to $440 million, an increase of 10% from a year ago.
The company continues to target about $130 million in savings from its DN Now initiative, plus incremental cost savings of $80 million to $100 million.