Diebold Inc. reports its second quarter 2003 net income was $41.3 million. The company’s revenue was $480.9 million and its diluted earnings were 57 cents per share. According to Diebold, these earnings were within the company’s guidance of 54 cents to 59 cents and in line with expectations. This compares to second quarter 2002 net income of $39.8 million or diluted EPS of 55 cents.
Diebold’s security solutions business revenue grew 21.9 percent as a result of market share gains and growth in the financial industry, government and retail markets. “Based on these encouraging results and our current forecasts for the remainder of the year,” says Walden W. O’Dell, Diebold chairman, president and CEO, “we are raising our full-year earnings per share guidance to $2.35 to $2.45, compared to our previous guidance of $2.32 to $2.42.”
According to Diebold, other second quarter highlights include a free cash flow improvement of $28 million, resulting in an increase from $9.2 million during the second quarter of 2002 to $37.2 million in the current quarter. The company’s net debt position improved from $13.3 million at the end of the first quarter to a net investment position of $12.4 million at the end of the current quarter.
