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Bad Print for Lexmark

A soft fourth quarter costs the stock to the tune of 6%.



sank 6% Tuesday after the printer company guided lower for the fourth quarter.

The Lexington, Ky., company made $86 million, or 85 cents a share, for the quarter ended Sept. 30, up from the year-ago $70 million, or 59 cents a share. Revenue rose to $1.23 billion from $1.22 billion a year ago.

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Analysts surveyed by Thomson Financial were looking for a 79-cent profit on sales of $1.2 billion.

"This was a good quarter for Lexmark," said CEO Paul Curlander. "EPS were better than expected and we continued to generate solid cash flow. We have more work ahead, but we continue to invest in the brand, market and product initiatives that support our long-term growth strategy."

The company guided to earnings of 70 to 80 cents a share for the fourth quarter, including a dime-a-share hit for restructuring costs. Analysts were looking for 91 cents. Lexmark expects revenue to be flat to down in the low-single digit percentage range year over year.

Shares fell $3.33 to $59.70.