Lexmark lowers outlook, shares tumbleThe print and imaging supply company says sluggish inkjet products sales, higher-than-expected product costs to push revenue down 2%.NEW YORK (CNNMoney.com) -- Printing and imaging company Lexmark International, Inc. lowered its outlook Monday, saying it expects its second-quarter results to fall by 2 percent based on disappointing sales, high production costs, and declining hardware revenue. Shares in the Lexington, Ky.-based company tumbled $6.80, or nearly 14 percent, to $42.60 in premarket trade Monday. 
Lexmark's (Charts, Fortune 500) earnings per share, excluding a restructuring-related benefit, will be in the range of 62 cents to 67 cents, compared to 82 cents to 92 cents it had previously forecast, the company said in a release. The company, which competes with Canon (Charts) and Hewlett-Packard (Charts, Fortune 500), said it expects the same factors to put a drag on its third quarter numbers, with EPS in the zero to 10 cents a share range. The company plans to release second-quarter earnings on July 24, 2007. |
Sponsors
|
