October 20, 2009 / 11:12 AM / 10 years ago

CORRECTED - UPDATE 1-Lexmark profit better than expected; job cuts set

(Corrects revenue units in bullet point and in paragraph 5)

* Q3 EPS 65 cts ex-items vs Wall St view 45 cts

* Revenue fell 15 pct to $958 mln

* Sees Q4 EPS $0.11 to $0.21 vs estimates 47 cts

NEW YORK, Oct 20 (Reuters) - Lexmark International Inc LXK.N posted a better-than-expected quarterly profit on Tuesday after factoring in spending on restructuring, and the printer maker announced more job cuts that will affect about 825 workers.

Lexmark, which has been boosting research and development spending on more advanced models aimed at customers who print a lot, said third-quarter net income fell to $10 million, or 13 cents a share, from $36.6 million, or 42 cents a share, a year earlier.

But excluding charges for restructuring, including a new round of cost-cutting, the profit was 65 cents a share.

Analysts had expected earnings of 45 cents a share, according to Thomson Reuters I/B/E/S.

Revenue at Lexmark, whose rivals include Hewlett-Packard Co (HPQ.N), Canon Inc (7751.T) and Samsung Electronics Co Ltd (005930.KS), fell 15 percent to $958 million from $1.13 billion a year earlier. (Reporting by Franklin Paul; Editing by Lisa Von Ahn)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below