21.07.2015 12:52:46
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Lexmark Q2 Profit Tops Estimates; Announces Restructuring - Quick Facts
(RTTNews) - Lexmark International, Inc. (LXK) reported a second quarter net loss of $36.3 million or $0.59 per share, compared to profit of $37.5 million or $0.59 per share, last year. The company noted that its 2015 restructuring negatively impacted second quarter 2015 GAAP pre-tax earnings by $32 million. The anticipated resolution of German copyright levy and other litigation resulted in a net benefit to second quarter 2015 GAAP and non-GAAP pre-tax earnings of $21 million. Adjusted profit per share was $0.97, for the quarter.
On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.82 for the quarter. Analysts' estimates typically exclude special items.
GAAP revenue was $879 million compared to $892 million, a year ago. Non-GAAP revenue was $891 million compared to $894 million. Analysts expected revenue of $896.12 million for the quarter.
For the third quarter of 2015: the company expects core revenue to increase 3 to 5 percent year to year. Total revenue is expected to be in the range of -1 to +1 percent year to year. GAAP loss per share is expected to be around $0.48 to $0.38. Non-GAAP profit per share is expected to be around $0.51 to $0.61. Analysts expect the company to report third-quarter profit per share of $0.89.
For the full year of 2015: the company expects core revenue to increase 3 to 5 percent year to year. Total revenue is expected to be in the range of -1 to +1 percent year to year. GAAP loss per share is expected to be around $0.49 to $0.29. Non-GAAP profit per share is expected to be around $3.55 to $3.75. Analysts expect the company to report full year profit per share of $3.68.
Lexmark announced restructuring actions designed to increase profitability and operational efficiency. The company said the actions are expected to result in the elimination of approximately 500 positions worldwide over the next 18 months, with approximately one third of the positions being shifted to low cost countries.
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