LEXMARK QUARTERLY PROFIT FALLS

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LEXMARK QUARTERLY PROFIT FALLS

 user 2007-07-24 at 11:22:00 am Views: 50
  • #18447

    Lexmark quarterly profit falls
    NEW
    YORK, July 07 – Computer printer maker Lexmark International Inc. said
    on Tuesday second-quarter net income fell on weak sales of ink
    cartridges and higher sales of unprofitable inkjet printers.Lexington,
    Kentucky-based Lexmark, which competes with Hewlett-Packard Co., posted
    net income of $64.2 million, or 67 cents a share, down from $76.7
    million, or 74 cents a share, a year earlier.Excluding a one-time
    benefit from restructuring-related activities, the company earned 65
    cents a share. On that basis, analysts were expecting 63 cents a share,
    according to Reuters Estimates.

    Second-quarter revenue was $1.21 billion, down 2 percent from $1.23 billion last year.
    Analysts
    had expected revenue of $1.20 billion.Lexmark on July 9 slashed its
    second-quarter profit forecast, citing weak sales of inkjet replacement
    cartridges and lower per-unit revenue from hardware, driven by
    aggressive pricing, promotions and higher-than-expected product
    costs.To bolster its bottom line, Lexmark has in the past year reduced
    the number of lower-priced, unprofitable printers it sells. Printer
    makers typically sell printers at a loss in hopes of reaping profits
    from ink sales