Diebold reiterates 2008 earnings projections

The North Canton, Ohio-based company said it expects profit, excluding charges and one-time items, of between $2.40 and $2.45 per share for 2008.

Analysts surveyed by Thomson Reuters, on average, expect earnings of $2.43 per share. Analyst estimates typically exclude one-time items.

Diebold said its current earnings expectations "are the result of earlier-than-expected progress from its cost-reduction initiatives, improved profitability from the company's Brazilian voting and lottery businesses, continued demand for the company's solutions in the global financial markets and a lower anticipated effective tax rate."

Also Monday, United Technologies Corp. dropped its $2.6 billion bid to buy Diebold, saying the target company had refused requests for financial information.

United Technologies, which owns Sikorsky Aircraft, Otis elevator and other businesses, made its offer in February in an effort to broaden its security business and expand into China. Diebold rejected the offer immediately.

Shares of Diebold rose 41 cents to close at $28.69. Shares of United Technologies rose $6.50, or 13.7 percent, to $54.13.