Lexmark International, Inc. (LXK) Shares Slumps 21%

Lexmark International, Inc. (Public, NYSE:LXK) shares slumped 21% to $37.71 on hefty volume after it missed analyst revenue expectations in the third quarter as weak sales in Europe. The company said it earned $72 million, or 90 cents a share in its third-quarter,, compared with $10 million, or 13 cents a share, a year earlier. On an adjusted basis, earnings rose to $1.09 from 65 cents as revenue jumped 6.4% to $1.02 billion. The company in July projected earnings of 90 cents to $1 on revenue growth in the mid- to high-single digits on a percentage basis, a view that topped analysts’ estimates at the time. But the Street was most recently expecting revenue of $1.04 billion. Lexmark said it expects adjusted earnings of $1.03 to $1.13 a share on revenue growth in the low-single digits on a percentage basis. Analysts surveyed by Thomson Reuters expect a profit of $1.02 on a 3% increase in revenue, to $1.11 billion. Lexmark International, Inc., (Lexmark) is engaged in developing, manufacturing and supplying printing and imaging solutions for offices and homes. Lexmark's products include laser printers, inkjet printers, multifunction devices, dot matrix printers and associated supplies, services and solutions.
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