Lexmark International, Inc. (LXK: Quote) Thursday lowered its financial outlook for the second quarter, citing weak demand in Europe and unfavorable currency impacts. Following the announcement, the company's shares fell about 10 percent in the after-market hours.
The company currently expects earnings for the second quarter to range between $0.53 and $0.55 per share, down from $0.65 and $0.75 per share, announced earlier.
Adjusting for the restructuring and and acquisition related charges, Lexmark currently forecast earnings in the range of $0.87 to $0.89 per share, compared to prior estimate of $0.95 to $1.05 per share.
On average, 11 analysts polled by Thomson Reuters expected the company to earn $1 per share for the quarter. Analysts' estimates typically exclude special items.
The company said it now expects second-quarter revenues to decline 12 percent from last year, compared to previous estimate of 7 to 9 percent. Analysts expect revenues of $959.04 million for the second quarter.
Lexmark closed Thursday's regular trade at $24.31, down 7.53%. Stock further declined 9.5% to $22.00, losing $2.31 in the extended trade, on the Nasdaq.
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by RTT Staff Writer
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