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Diebold focuses on smaller U.S. banks
NORTH CANTON, Ohio (2/16/11)--ATM manufacturer Diebold Inc. reported strong revenue growth and said it is having success in the U.S. with smaller U.S. banks. Diebold is CUNA Strategic Services provider. As smaller retail banks upgrade their ATMs, they are concerned with security, according to Gil B. Luria, an analyst with Wedbush (American Banker Feb. 15). Diebold reported $182.6 billion in revenue from security in the fourth-quarter, a 7% increase from the fourth quarter of 2009. (To view Diebold’s financial statement, use the link.) The company also forecasts a 4%- to 7%-rise in revenue from security for 2011. Overall, total revenue jumped 9% in the fourth quarter to nearly $791 million. Revenue for the year increased 4% to $2.7 billion. “Diebold delivered significant growth in revenue and generated more than $200 million in free cash flow during the fourth quarter,” said Thomas W. Swidarski, Diebold president and chief operating officer. “In addition, our financial service orders in North American grew substantially as that market continues to recover and demand for our deposit automation solutions increases in the regional bank space.” Diebold reported revenue of $594 million from financial self-service sales in the fourth quarter, an increase of 8% from the same period the year before. The company forecasts a further rise of 5% to 8% for 2011.
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