Diebold Nixdorf reports first-quarter earnings, maintains year outlook

NORTH CANTON − Diebold Nixdorf reported a 4.3% increase in first-quarter net sales ― $895.4 million this year compared to $858.1 million last year.

The banking solutions company reported a gross profit of $208.6 million, a 0.3% decrease from the first quarter in 2023, and a negative net income after expenses. Income for the first quarter of this year was in the red by $14 million, an improvement over a negative net income of $111.5 million during the first quarter of 2023.

"We are in the early stages of implementing the tools of continuous improvement and lean operations. I am encouraged by the developments we have seen so far," President and CEO Octavio Marquez said Thursday during a presentation to investors.

For example, he said the North American team has identified ways to decrease ATM production time by about 16%.

Diebold Nixdorf, which emerged from bankruptcy and financial restructuring last year, made a $200 million debt payment in February. The company also reported a negative free cash flow of $36.4 million ― an improvement over last year's negative $100.5 million in free cash flow.

"The strength of our first quarter positioned us well to achieve our full-year expectation as we build upon this quarter," Marquez said.

The global company's 2024 outlook remained unchanged. Diebold Nixdorf predicts low, single-digit growth from its annual revenue of $3.75 billion in 2023.

The outgoing executive vice president and chief financial officer, Jim Barna, also was recognized. He will be succeeded by Thomas Timko, who starts May 17.

The full financial report can be found at investors.dieboldnixdorf.com.

Reach Kelly at 330-580-8323 or kelly.byer@cantonrep.com

This article originally appeared on The Repository: Diebold Nixdorf reports first-quarter earnings, maintains year outlook