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Lexmark Earnings Rise on Ink Sales

The company tops estimates and predicts in-line second quarter earnings.
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Lexmark

(LXK)

, the printer maker whose stock has been on a tear this year, said first-quarter profit and revenue rose and predicted second-quarter earnings roughly in line with analysts' forecasts.

The company earned $94.6 million, or 73 cents a share, in the first quarter compared with earnings of $71.5 million, or 53 cents a share, last year. Analysts were predicting earnings of 71 cents a share in the latest quarter. Revenue rose 6% to $1.1 billion.

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Lexmark said revenue from laser and inkjet supplies revenue was $642 million, up 17% from a year ago, and that such sales now represent 58% of total revenue, up from 52% last year. Laser and inkjet printer revenue was $370 million, down 8% last year.

For the current quarter, the company expects to earn 70 cents to 80 cents a share; the consensus analyst estimate is 76 cents. Revenue growth is expected to be in the low-to-mid-single-digit percentage range.

The stock closed Thursday at $69.19; its 52-week high is $71.50.