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Lexmark Swinging the Ax

A restructuring will cost 1,650 jobs.
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Lexmark (LXK) rose 7% after the printer company set plans to cut 1,650 jobs in its latest restructuring effort.

The Lexington, Ky., company said it made $45 million, or 48 cents a share, for the quarter ended Sept. 30, down from the year-ago $86 million, or 85 cents a share. Excluding restructuring charges, earnings were 60 cents a share, compared with a 13-cent analyst consensus estimate. Revenue fell to $1.2 billion from $1.23 billion a year earlier.

The company said it expects to make 50 to 60 cents a share for the fourth quarter, compared with the 38-cent estimate of analysts surveyed by Thomson Financial.

The news comes as the company continues to struggle with increasing competition from the likes of

Hewlett-Packard

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Shares rose $3.06 to $46.80.