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LXK: Lexmark Stock Falls Hard on Forecast

Lexmark predicts second quarter revenue will be down 2% to 4%


Lexmark (LXK) has announced that first-quarter earnings fell 27%.

lxk-lexmarkLexmark has cited weak revenue and increased operating costs for the decline in earnings. The printer company is also predicting that second quarter revenue will be down 2% to 4%. Lexmark expects earnings per share for the second quarter of 2014 to be around 85 cents to 95 cents. Earnings per share in the second quarter of 2013 were $1.04.

Lexmark expects to see a continued negative impact due to its decision to leave the inkjet business.

Lexmark reported earnings per share of 92 cents for the first quarter. This beat the average estimate of 87 cents per share that was made by analysts.

LXK shares were down 10% as of midday Tuesday. Year to date the stock is up 17%.

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