Lexmark Q2 Profit Surges, Tops Estimate

(RTTNews) - Lexmark (LXK), Tuesday reported an increase in net income for the second quarter, backed by a gain from the sale of inkjet-related technology and assets.

For the three-month period, the company reported net earnings of $88.9 million or $1.39 per share, compared with $39.2 million or $0.55 per share during the same quarter last year.

Excluding the gain on sale of inkjet-related technology and assets, Lexmark reported net income of $27 million or $0.95 per share. On average, twelve analysts polled by Thomson Reuters expected earnings per share of $0.88 for the quarter. Analysts' estimates typically exclude one-time items.

Total revenues for the period were $886.7 million compared with $918.6 million during the same period last year. The Street estimated the company to clock in revenues of $858.96 million.

In the upcoming quarter, the company expects a continued negative impact from the decision to exit inkjet, with revenues expected to decline 4 to 6 percent. GAAP earnings per share are expected to be around $0.46 - $0.56, and non-GAAP earnings per share to be $0.85 - $0.95. Analysts expect the company to report revenues of $850.47 million and earnings of $0.94 per share.