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Lexmark International To Cut 1,650 Jobs As Profit Declines
October , 2007: Lexmark International Incon Tuesday said it will cut roughly 1,650 jobs by the end of 2008 in a move that should save about $40 million in 2008 and $60 million later.The cuts will also result in pretax costs of $20 million in 2007 and $70 million in 2008.The printer maker reported third-quarter net income fell 47% to $45.2 million, or 48 cents a share, from $85.6 million, or 85 cents a share, a year earlier.Excluding one-time charges, the company would have earned 60 cents a share.The company attributed the profit decline to the continuation of a “very challenging situation” in its consumer market segment.
Sales slipped 3% to $1.24 billion.
Lexmark said it sees fourth-quarter earnings in the range of 32 cents to 42 cents a share and adjusted per-share earnings excluding restructuring charges at 50 cents to 60 cents.
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