January 29, 2013 / 1:10 PM / 5 years ago

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.

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