LXK: Lexmark Doesn’t Disappoint When it Comes to Disappointing
Lexmark International, Inc. (LXK) today announced financial results for the second quarter of 2007. Second-quarter revenue was $1.208 billion, down 2 percent compared to revenue of $1.229 billion last year and in line with the recently lowered guidance. Second-quarter GAAP earnings per share were $0.67. Earnings per share for the second quarter of 2007 would have been $0.65 excluding a net $0.02 per share benefit from restructuring-related activities. Second-quarter 2007 GAAP and non-GAAP earnings per share include a tax benefit of about $0.05 per share.
When I previewed the report, I said they would probably offer poor guidance. And that was one prediction on which Lexmark did not disappoint.
In the third quarter of 2007, the company expects revenue to be down in the low- to mid-single digit percentage range year over year. It expects third-quarter 2007 GAAP EPS to be in the range of $0.00 to $0.10 per share.
Wall Street was expecting a 3% revenue decline and $0.15 in EPS.
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