jumped after the company said that even though it has experienced distribution problems in the first quarter, earnings for the period won't be affected.
Shares of the printing products company, which is based in Lexington, Ky., gained $2.54, or 5.9%, to $45.60 in recent
New York Stock Exchange
trading. The high for the session has been $48.
Lexmark said on Thursday that a disruption in its U.S. distribution systems occurred in the first quarter. In a filing with the
Securities and Exchange Commission
, the company said its back-order position was higher than expected at some points during the quarter, but Lexmark plans on ending the period with normal levels. The company said it filed the statement with the SEC "in response to numerous inquiries."
Lexmark doesn't expect the distribution problems to have "a material impact" on its first-quarter earnings, and the company said it wouldn't disclose any further information than what it provided in the filing.
However, a spokesman for the company did say that the company still expects to earn between 55 cents and 61 cents for the quarter. "That is what we said on Jan 22, and we have not made any changes," he said. Seven analysts polled by
Thomson Financial/First Call
are calling for the company to earn 58 cents in the period.