said it beat analyst estimates on higher revenue, and the company issued new guidance that eclipsed expectations.
The laser and inkjet printer manufacturer posted first-quarter net income of $71.5 million, or 53 cents a share, down from $79.7 million, or 60 cents a share, in the year-ago period.
The company attributed the decrease to continued weakness in demand for computers, but its results came in well ahead of analyst estimates and at the high end of the company's previous guidance. According to Thomson Financial/First Call, Wall Street had been looking for 48 cents a share.
Revenue for the quarter rose 6% to $1.05 billion from $988.0 million last year, also beating analyst estimates of $1.01 billion, led by a 16% increase in laser and inkjet printer revenue, which accounts for 52% of total revenue. The company had originally forecast flat revenue for the quarter.
Lexmark also issued new guidance for the second quarter, saying that while technology spending remains uncertain, the company expects to see year-over-year revenue growth that exceeds that of the first quarter and earnings per share of 56 cents to 66 cents. Analysts are currently expecting 57 cents, according to Thomson Financial/First Call.
Shares of Lexmark closed at $57.60 Friday before the announcement.