LEXMARK Q1 PROFIT UP 61%

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LEXMARK Q1 PROFIT UP 61%

 user 2010-05-03 at 11:26:21 am Views: 45
  • #23608

    http://online.wsj.com/article/SB10001424052748704471204575209782913416888.html?mod=WSJ_hpp_sections_business
    LEXMARK Q1 PROFIT UP 61%
    Lexmark International Inc.’s first-quarter profit jumped 61% as sales grew amid an improving economy.The company also projected second-quarter earnings of 85 cents to 95 cents a share, higher than analysts’ latest average estimate of 73 cents, according to Thomson Reuters.

    Shares rose 8.9% premarket to $43.49 as the latest results beat expectations.
    The printer maker and service provider showed signs of rebounding in the fourth quarter, reporting its first year-over-year profit increase in two years. It’s been cutting jobs and trimming costs in response to pullback by consumers and corporations.The first-quarter results reflect improved market conditions, a stronger product line and a lower cost structure, Chairman and Chief Executive Paul Curlander said.Lexmark reported earnings of $95.3 million, or $1.20 a share, from $59.2 million, or 75 cents a share, a year earlier. Excluding restructuring-related charges and project costs, profit rose to $1.35 from 89 cents as revenue climbed 10% to $1.04 billion.The company in February projected earnings of 80 cents to 90 cents on revenue of less than $1 billion, well above analysts’ then-expectations.Gross margin widened to 36.9% from 35.3%