Executive Summary

• NCR reported 2Q19 revenues of $1.71 billion, up 11.3% and ahead of the $1.58 billion consensus estimate. Adjusted EPS was $0.76, up 16.9% and beating the $0.67 consensus estimate.
• Banking revenue increased 19.7% year over year, driven by ATM revenue, which was up 78% in constant currency. Revenues in retail and hospitality also increased year over year.
• The company raised 2019 revenue guidance growth to up 3-4% from up 1-2% previously and reiterated adjusted EPS guidance of $2.75-2.85 (up 5-9%).