Lexmark International Inc. (LXK) Tuesday posted lower profit for the first quarter, largely reflecting lower revenue from product. Adjusted earnings per share, however, was higher than analyst expectations. The company further provided earnings outlook for the second quarter.
For the three months, the firm reported net income of $34.8 million or $0.54 per share versus prior-year earnings of $60.8 million or $0.84 per share.
Non-GAAP earnings per share for the period was $0.88 for the quarter. Twelve analysts, on average, polled by Thomson Reuters estimated earnings per share of $0.87 for the quarter. Analysts estimates typically exclude one-time items.
Total revenue for the period was $884.3 million, down from $992.5 million last year. Analysts were looking for revenue of $873.62 million. Product revenue for the period was $787.4 million, down from $914.9 million a year back.
Looking forward, the firm sees second-quarter earnings per share in the range of $0.42 to $0.52, non-GAAP earnings per share of $0.80 to $0.90, with revenues for the quarter declining 6 to 8 percent year-over-year. Analysts are currently looking for earnings per share of $0.89 for the second quarter.
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