Diebold Cuts Forecast as Legal Costs Grow
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Mounting costs from a suit over its voting equipment have forced Diebold Inc. to slash its third-quarter earnings forecast.
Diebold said a California lawsuit alleging that it sold the state unreliable touch-screen voting machines would reduce profit by about 5 cents a share.
The company expects to earn about 67 cents a share, down from its earlier forecast of 70 to 74 cents. It also forecast a 1-cent reduction in fourth-quarter earnings and said it expected full-year earnings of $2.54 to $2.59 a share.
Diebold shares fell 34 cents to $48.02 on the NYSE.
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