- Diebold Nixdorf Inc DBD shares are down Wednesday as its first-quarter results missed Street expectations. The company also holds ongoing conversations with banking and lending partners to address short- and long-term liquidity needs and capital structure.
- DBD reported a Q1 2023 sales increase of 3.4% Y/Y to $858.1 million, missing the consensus of $871.5 million.
- Adjusted net sales rose 3.5% Y/Y to $853.3 million. Adjusted gross profit for the quarter increased 12.5% to $209.4 million with a margin of 24.5%.
- The adjusted operating margin was 5.9%, and the adjusted operating income of $50 million compared to the adjusted operating loss of $(0.9) million a year ago.
- Adjusted EBITDA rose to $63.7 million from $15.0 million a year ago.
- Adjusted EPS loss of $(0.85) missed the EPS consensus of $0.07.
- The company held $263 million in cash and equivalents as of March 31, 2023.
- 2023 Outlook: DBD expects revenues of $3.7 billion - $3.9 billion (consensus of $3.82 billion) and adjusted EBITDA of $380 million- $420 million.
- "Our liquidity and capital structure remain an area of intense focus for us, as we work to deleverage the balance sheet and continue to normalize vendor relationships to deliver for our customers. We continue to have collaborative discussions with our banking and lending partners to address these areas and we will provide updates on these discussions as we progress further," stated Octavio Marquez, chairman, president and CEO.
- Price Action: DBD shares are trading lower by 41.9% at $0.48 on the last check Wednesday.
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