Diebold Nixdorf restated it's financial outlook for the year, saying its projected revenue will come in between $4.7 billion and $4.8 billion, down from the previously reported $5 billion. The company also found a buyer for legacy Diebold operations in the United Kingdom, allowing the merger between Diebold and Nixdorf to proceed in that country.

GREEN  Delays by customers making decisions on new orders has prompted Diebold Nixdorf to lower its revenue projections for the coming year.

The company said Wednesday it expects full-year revenue will range between $4.7 billion and $4.8 billion, down from earlier projections of $5 billion. The net loss is projected at between $110 million and $125 million, as compared with earlier estimates of $50 million to $75 million.

The announcement sparked a sell off of Diebold Nixdorf shares. More than 10 million shared traded through the day — as compared with an average of 776,000 — the price dropped $6.40 per share to close at $21.60.

In a news release announcing the adjusted revenue projections, the company noted that business with its financial-industry customers involves complicated projects with a higher software content, which leads to a longer decision making process and order-to-revenue conversion cycle. Additionally, the delay has a negative impact on Diebold Nixdorf's service business.

Andy W. Mattes, Diebold Nixdorf president and chief executive officer, said the company is disappointed in the near-term financial performance. "We are encouraged by the positive feedback we are receiving from customers, which demonstrates our strong competitive position," he said.

The company continues to improve its operating expenses compared with last year and is taking steps to accelerate its cost reductions by increasing the DN2020 net savings target to $240 million, Mattes said.

In a separate announcement, Diebold Nixdorf said it has sold its legacy business in the United Kingdom to Cennox Group in order to meet requirements set by the Competition and Markets Authority.

The sale allows Diebold Nixdorf to integrate the former Wincor Nixdorf financial and automatic teller machine operations in the United Kingdom and Ireland into its global operations. Wincor Nixdorf's retail equipment business in the United Kingdom already had been moved to the merger company.

Cennox is a global provider of banking services and the United Kingdom's largest independent ATM service business. Terms of the sale weren't released.

Late last year as Diebold and Wincor Nixdorf closed their merger, officials with the United Kingdom's CMA determined the deal could hurt competition for ATM sales in the country. The agency eventually ordered Diebold Nixdorf to makes changes, and that led to the deal with Cennox.

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