Lexmark International Q4 Loss Narrows, Plans To Cut 550 Jobs

(RTTNews) - Lexmark International Inc. (LXK) Tuesday announced a narrower fourth quarter net loss of $10.7 million compared to loss of $22.6 million last year. On a per share basis, loss narrowed to $0.17 from $0.37 a year ago. Adjusted earnings were $1.16 per share. The company said the results reflects strong U.S. dollar and ongoing exit of inkjet.

On average, 5 analysts polled by Thomson Reuters expected the company to earn $1.09 per share. Analysts estimates usually exclude special items.

The company said it expects to eliminate about 550 position over the next 12 months out of its current employee strength of 14,000. Lexmark expects around $67 million savings in these actions and a cash cost of $59 million in 2016.

Revenue for the quarter declined to $968.8 million from $1.022 billion a year ago. Wall Street was looking for $982.08 million.

Further, the company said it would not be providing a guidance in view of the ongoing exploration of strategic alternatives.