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October 7, 1999

NCR Says It Will Meet Q3 Expectations

By CBR Staff Writer

Trying to calm investors amid a 12% share price drop over the past two days, NCR Corp said it is confident that the company will meet or exceed the higher-end of analyst estimates, which range from $0.38 to $0.43 in earnings per share, for the third quarter. The consensus estimate for the quarter is for EPS of $0.41, according to First Call. The Dayton, Ohio-based company posted earnings of $0.25 per share in the same quarter a year ago.

Full-year earnings should come in at $2.00. NCR also said a previously-disclosed fall in the sale of commodity computer products will reduce 1999 operating earnings by roughly $100m from the previous target of $280m to $300m. The shortfall – which, along with a resulting downgrade from Salomon Smith Barney on Wednesday, drove the share price dip – should be offset by income from other areas, though, the company said. Operating earnings for 1998 were $152m.

Looking ahead, the company reiterated an earnings growth target of 20%-25% for the years 2000 through 2004. In that range, earnings for fiscal 2000 should be about $2.40 to $2.50 per share, when analysts are currently expecting $2.51. NCR will release third quarter results on October 20. NCR Shares fell $1.6875 Thursday to close at $27.9375 after having slipped $2.125 Wednesday.

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