Market Insider

NCR revises 2017 guidance, releases Blackstone share lockup

Source: NCR

ATM, point-of-sale terminal and self-service kiosk maker NCR revised its 2017 guidance Monday while releasing Blackstone from a share lockup, Reuters reports.

The new deal allows Blackstone to sell 49 percent of its holdings in the company to recoup investment costs while extending the lockup on the remaining 51 percent for another six months. The remaining shares will be unlocked on Dec. 1, 2017.

Blackstone will convert 90,000 of its convertible preferred shares into approximately 3 million shares of common stock. Reuters also reports that "certain existing stockholders of co affiliated with Blackstone Group" are offering up 325,000 shares of Series A convertible preferred stock in NCR for sale.

As for the company's outlook, NCR raised its full-year 2017 earnings per share guidance by 2 cents to between $3.27 and $3.37. Analysts polled by Thomson Reuters predicted earnings per share of $3.30.

The company's board also authorized a $300 million share repurchase program.