Oct 16 ATM and voting machine maker Diebold Inc reported preliminary quarterly results below market expectations and cut its full-year outlook, blaming order delays in Brazil, pushing its shares down 11 percent in trading before the bell.
Diebold now expects full-year revenue growth of 6 percent and adjusted earnings of $2.25 to $2.30 per share, down from its earlier forecast of 6 to 8 percent revenue growth and earnings of $2.50 to $2.60 per share.
"We have also experienced customer delays related to our financial self-service business in Brazil, which will have an adverse effect on our full-year results," Chief Executive Thomas Swidarski said.
Latin America accounts for more than a fifth of the company's revenue, and a large chunk of this comes from Brazil.
The company had lowered the top end of its 2012 earnings forecast when it announced second-quarter results after Brazil said it would not order more voting terminals ahead of October elections.
Diebold expects revenue of $710 million and adjusted earnings of 39 cents per share for the third quarter. Analysts on average expect revenue of $735 million and earnings of 50 cents per share, according to Thomson Reuters I/B/E/S.
The company said it plans to release full third-quarter results on Oct. 25.
Shares of the company, whose competitors include NCR Corp , closed at $33.74 on the New York Stock Exchange on Monday.