LEXMARK Q3 SALES DOWN 15% TO CUT 825 JOBS

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LEXMARK Q3 SALES DOWN 15% TO CUT 825 JOBS

 user 2009-10-20 at 10:52:33 am Views: 50
  • #22778
    http://www.cnbc.com/id/33395552
    LEXMARK Q3 SALES DOWN 15% TO CUT 825 JOBS
    LEXINGTON,
    Ky. – Lexmark International Inc. said Tuesday it will cut an additional
    825 jobs this month as it reported that restructuring costs drove down
    third-quarter profits despite improving demand.The printer and copier
    maker said it plans to primarily cut jobs in manufacturing, supply
    chain, service delivery, marketing and sales support, corporate and
    development. It expects to save $70 million next year and another $110
    million beginning in 2011.

    The company said it will take about
    $120 million in pretax charges for severance and other expenses, with
    about $33 million of that incurrred in the third quarter. Lexmark has
    more than 13,000 employees worldwide.For the period ended Sept. 30,
    Lexmark reported earnings of $10 million, or 13 cents per share, down
    73 percent from $36.6 million, or 42 cents per share, a year
    earlier.Excluding restructuring charges, the company said it would have
    earned 65 cents per share. On that basis, analysts polled by Thomson
    Reuters were expecting a profit of 45 cents per share.

    Sales
    dropped 15 percent to $958 million. Analysts were expecting $901.3
    million.Lexmark predicted a fourth-quarter profit of 11 cents to 21
    cents per share. Excluding charges of 39 cents per share, the company
    expects a profit of 50 cents to 60 cents per share.Shares of Lexmark
    advanced $2.08, or 9.2 percent, to $24.65 in premarket trading.