reported better than expected third-quarter earnings, after guiding analysts lower in September.
The printer maker earned $66.1 million, or 50 cents a share, for the latest third quarter, compared with $76.5 million, or 56 cents a share, in the year-ago period. Six analysts predicted the company would earn 47 cents a share for the quarter, according to
First Call/Thomson Financial
Revenue rose 10% to $927 million from $845 million the prior year. The company said revenue growth for the quarter would have been up 15% if not for the weak euro.
Lexmark also disclosed a restructuring plan that will result in fourth-quarter pretax charges of $35 million to $45 million and cut diluted earnings per share by 19 cents to 24 cents. The nonrecurring charges relate to the relocation of manufacturing to Latin America and Asia, and reductions in associated support infrastructure.
Lexmark expects fourth-quarter revenue growth of 10% to 15% compared with the year-ago period, and forecast earnings of 55 cents to 65 cents a share, before the restructuring charges. Analysts expect the company to earn 61 cents for the fourth quarter.