UPDATE 1-Lexmark forecasts current-quarter profit below estimates
* Forecasts first-quarter adjusted earnings $0.80-$0.90/share vs est $1.01
* Expects first-quarter revenue $864 mln-$884 mln vs est $881 mln
* Fourth-quarter adjusted earnings $0.86/share vs est $0.90/share, according to Thomson Reuters I/B/E/S
* Fourth-quarter revenue $967.4 mln vs est $934 mln
Jan 29 (Reuters) - Printer maker Lexmark International Inc forecast current-quarter profit below analysts' estimates after reporting fourth-quarter earnings that missed expectations.
The company expects "a continued negative impact" in the current quarter from its decision to exit its low-margin inkjet printers business.
Lexmark forecast first-quarter adjusted earnings of between 80 cents and 90 cents per share. It expects revenue to decline 11 percent to 13 percent from a year earlier. This implies revenue of $864 million to $884 million.
Analysts on average are expecting earnings of $1.01 per share on revenue of $881 million, according to Thomson Reuters I/B/E/S.
Lexmark's net income fell to $6.3 million, or 10 cents per share, in the fourth quarter from $69.3 million, or 94 cents per share, a year earlier.
Excluding items, the company earned 86 cents per share, according to Thomson Reuters I/B/E/S.
Revenue fell to $967.4 million from $1.06 billion a year earlier.
Analysts on average had expected earnings of 90 cents per share on revenue of $934 million.
Fourth-quarter earnings per share were impacted 25 cents, or $17 million, from higher taxes.
The company said it received more business in the quarter from places where taxes were higher.
Lexmark said in October that fourth-quarter margins would be hit by the sale of the remaining inkjet hardware and a reduction in laser supplies inventory.
Shares of the Lexington, Kentucky-based company closed at $27.95 on Monday on the New York Stock Exchange.