DAYTON, Ohio — The weak economy bit into NCR Corp.'s revenue all over the world in 2008.
The company's 2008 profit was $228 million, down from $274 million in 2007. The company netted $56 million in the fourth quarter of 2008, down from $89 million during the same period the year before.
Excluding these items and pension expense, non-GAAP income from operations decreased 7 percent to $127 million in the fourth quarter of 2008 compared to $136 million in the fourth quarter of 2007.
NCR generated $108 million of cash from operating activities during the fourth quarter of 2008 compared to $59 million in the year-ago period. Capital expenditures of $33 million in the fourth quarter of 2008 were slightly lower than $34 million in the year-ago period.
"NCR delivered fourth-quarter earnings in line with expectations and strong free cash flow against the backdrop of a worsening global economy," said Bill Nuti, chairman and chief executive officer of NCR. "In 2008, we made very good progress on each of our long-term business goals. We generated profitable revenue growth, made progress towards building the lowest cost structure in our industry, and optimized our capital structure. In addition to our solid financial performance, we launched more than 50 new products, regained the No.1 share of automated teller machine shipments in North America, while preserving our overall global share leadership position, and gained significant traction in our self-service initiative."
"The progress we have made helps fortify the company as we manage through the current macroeconomic turbulence. Moreover, the work we have done positions us to come out of the economic downturn a stronger company."
The company expects revenues to drop again this year, in the range of 2 to 6 percent less than in 2008.
