NCR this morning announced it has started a $250 million buyback of its own shares.
The Duluth-based company has already repurchased $1 billion in shares of its stock in a burst of buying last year.
Bill Nuti, company chairman and chief executive, said in a statement that the move is part of NCR strategy and reflects a series of factors: confidence in the ongoing business at a time when company stock prices are relatively low.
“These repurchases are an indication of our confidence in future free cash flow, and our belief that the current stock price is very attractive,” he said. “Share repurchases are an important part of our capital allocation strategy.”
As a result of the buyback program, NCR issued a change in its “guidance” concerning the year’s financial results, predicting somewhat higher earnings.
The company on Monday morning projected earnings per share of $2.85 to $2.95 this year.
The previous guidance for 2016 had been of earnings per share of $2.72 to $2.82.
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