News

Lexmark's 2Q net income misses mark

July 20, 2003

LEXINGTON, Ky. -- Printer-maker Lexmark International Inc.'s second-quarter net income fell short of the estimate set by Wall Street analysts.

The company reported second-quarter net income of $101.7 million, or 77 cents per share, diluted, compared with $89.1 million, or 67 cents per share, diluted, a year ago. Revenue for the quarter rose 6 percent to $1.12 billion from $1.06 billion, according to a news report in Business First.

Despite the increase in net income, Lexmark's results feel short of a consensus of analysts surveyed by research firm Thomson Financial/First Call. The Wall Street estimate called for the company to post net income of 78 cents a share, the story said.

Chairman and CEO Paul J. Curlander said in a news release that the company is in "good position" for the second half of the year. He said the company continues to be cautious, and cited "softness in corporate and consumer spending and aggressive pricing competition."

Lexmark called for third-quarter profit at 63 cents to 73 cents a share. First call estimates had forecast net income of 81 cents per share.

Lexmark International develops, manufactures and supplies printers and printing-related products. In 2002, the company reported more than $4.4 billion in revenue, according to the article.