Executive Summary

• Diebold Nixdorf reported 2Q19 revenues of $1.15 billion, up 4.0% as reported, up 8.0% in constant currency and beating the $1.07 billion consensus estimate. Adjusted EPS was $0.06, above $(0.22) in the year-ago quarter and beating the $(0.15) consensus estimate.
• Revenue in the company’s Americas banking segment grew 13.3% year over year, driven by a 55.1% increase in product revenue. Revenue from retail products grew 5.3%.
• The company raised 2019 revenue guidance to $4.5 billion (down 2% over the same period last year) from $4.4-4.5 billion and reiterated adjusted EBITDA guidance of $380-420 million (up 15-27% over the same period last year).