Lexmark results beat estimates, expects revenue to decline
(Reuters) - Lexmark International Inc (LXK.N), which is exiting its inkjet printer business, reported better-than-expected quarterly results but said it expected current-quarter revenue to decline 10 percent to 12 percent.
Lexmark, like other technology companies, is faced with increasingly cautious discretionary spending by customers in an uncertain global economy.
The company forecast fourth-quarter adjusted earnings of 82 cents to 92 cents per share.
Analysts on average were expecting earnings of $1.03 per share on revenue of $939.2 million, according to Thomson Reuters I/B/E/S.
Lexmark said in August it would stop making inkjet printers to focus on its more profitable imaging and software businesses, and would cut about 13 percent of its workforce.
Bankrupt Eastman Kodak Co EKDKQ.PK said last month it plans to stop selling inkjet printers from 2013.
Lexmark barely broke even in the third quarter, compared with a profit of $67 million, or 86 cents per share, a year earlier.
Excluding items, the company earned 94 cents per share.
Revenue fell 11 percent to $919 million.
Analysts on average expected earnings of 78 cents per share on revenue of $911.6 million.
Shares of the Lexington, Kentucky-based company closed at $21.65 on Monday on the New York Stock Exchange.
(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Sriraj Kalluvila)
- Target holiday cyber breach hits 40 million payment cards
- Housing, jobs data weaken, but overall economic picture still upbeat
- UPDATE 3-Saab wins Brazil jet deal after NSA spying sours Boeing bid
- Zuckerberg to sell Facebook shares worth about $2.3 billion
- Special Report: Why Ukraine spurned the EU and embraced Russia