LEXMARK's C.E.O. PAUL CURLANDER CALLS IT QUITS

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LEXMARK's C.E.O. PAUL CURLANDER CALLS IT QUITS

 user 2010-10-27 at 8:03:38 am Views: 38
  • #23960

    http://www.reuters.com/article/idUSN2527121820101026
    LEXMARK’s CEO PAUL CURLANDER CALLS IT QUITS
    * Q3 EPS $1.09 vs Street estimates of 98 cents
    * Sales rise 6.4 percent to $1.02 billion, miss estimates
    * Sees Q4 outlook of $1.03-$1.13
    * Lexmark losing market share to HP-analyst
    * Lexmark shares down 8.8 percent (Rewrites, analyst quotes, byline)

    NEW YORK, Oct 2010 – Printer maker Lexmark International Inc  posted a higher-than-expected quarterly profit on Tuesday but its revenue missed analysts’ expectations as it lost market share to competitor Hewlett-Packard Co in its hardware business.The company also announced that its chief executive, Paul Curlander plans to retire in the spring of 2011.Its shares were down 8.8 percent in premarket trade.Lexmark’s revenue rose 6.4 percent to $1.02 billion but fell short of analysts’ average estimates of $1.04 billion, according to Thomson Reuters I/B/E/S.

    Lexmark has moved away from its low-end printer business to focus on higher end offerings and this has caused it to lose market share against competitors, Shannon Cross, a Cross Research analyst said.Curlander will be replaced by Paul Rooke, who recently served as the company’s executive vice president and president of the company’s Imagining Solutions Division.”Rooke is a strong executive and he was heir apparent,” Cross said.The new CEO will need to help Lexmark reinvest in its business and improve its service offerings for the company to stay competitive, Cross added.

    Lexmark reported third-quarter net income of $72 million, or 90 cents per share, up from $10 million, or 13 cents per share from a year earlier.Excluding items, the company reported a profit of $1.09, beating the 98 cents per share that analysts were expecting according to Thomson Reuters I/B/E/S