Lexmark Int'l Q1 Profit Down; Sees Q2 Adj. EPS In Line - Quick Facts

(RTTNews) - Lexmark International, Inc. (LXK) reported that its first-quarter net earnings decreased to $29.3 million from the previous year's $40.0 million, with earnings per share declining to $0.46 from $0.62 in the same quarter last year.

Non-GAAP earnings per share was $0.92 down from $0.95 in the prior year quarter.

Total Revenue for the quarter dropped to $877.7 million from $884.3 million last year. The GAAP revenue of $878 million included $3 million of acquisition-related adjustments. Non-GAAP revenue of $881 million declined less than 1 percent year to year, but grew 6 percent excluding the planned and ongoing decline in Inkjet Exit revenue.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.87 per share and revenues of $855.78 million for the first-quarter.

GAAP earnings per share in the second quarter of 2014 are expected to be around $0.47 to $0.57. GAAP earnings per share of $1.47 in the second quarter of 2013 included a $71 million gain on the sale of the company's inkjet technology and assets, net of related costs. Non-GAAP earnings per share in the second quarter of 2014 are expected to be around $0.85 to $0.95, compared with non-GAAP earnings per share of $1.04 in the second quarter of 2013.

Second quarter 2014 revenue, excluding Inkjet Exit revenue, is expected to grow year to year. The company expects a continued negative impact from the decision to exit inkjet. Total revenue is currently expected to decline 2 to 4 percent, compared to last year.

Street currently is looking for the second-quarter earnings of $0.94 per share on annual revenues of $856.08 million.