Executive Summary

• NCR reported 1Q19 revenues of $1.54 billion, up 1.3% and slightly ahead of the consensus estimate. Adjusted EPS was $0.48, down 14.3% and in line with the consensus estimate.
• Banking revenue increased 5.1% year over year, whereas retail revenue declined 1.9% and hospitality revenue declined 5.4%.
• The company reaffirmed its 2019 guidance of 1%-2% revenue growth and adjusted EPS guidance of $2.75-$2.85 (up 5%-9%) and in line with the $2.81 consensus estimate.