NCR Bank’s latest profit forecast falls short of target
NCR bank’s latest earnings report on Wednesday fell short of expectations by nearly $1 billion.
The bank said it had $3.9 billion of unsecured debt outstanding, including a $1.9-billion purchase of an investment bank and a $4.2-billion cash infusion from China’s central bank.
The total is more than $2 billion more than analysts expected, according to Thomson Reuters data.
The report also missed analysts’ expectations for a loss of $1,400 million.
NCR had $2.2 billion in cash at the end of the first quarter.
It said it expects to use $1 in proceeds from the sale of the investment bank to pay down debt, partially offset by cash from the purchase of a $3 billion cash infusion.
“We are disappointed with the results and plan to work with the board and management team to continue our transformation efforts,” CEO Michael Shain said in a statement.
The company has been hit hard by a string of high-profile hacks that have exposed bank details, including an April breach that compromised the personal information of more than 50 million people.
It was among several U.S. banks hit with cyberattacks during the summer and fall.