LEXMARK Q1 PROFIT UP 61%

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LEXMARK Q1 PROFIT UP 61%

 user 2010-05-03 at 11:30:45 am Views: 52
  • #23368
    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%