Lexmark International (LXK) Guides Lower for Q4-2008, Q1-2009 and Cuts 375 Jobs
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Lexmark International, Inc. (NYSE: LXK) announced that the weakening global economic environment impacted Lexmark's fourth quarter 2008 operating performance, which will be lower than expected.
The company currently expects its fourth quarter revenue to decline about 17% year over year. As compared to the company's October 2008 fourth quarter guidance of a revenue decline in the low to mid teens range, revenue has been negatively impacted by lower laser and inkjet hardware unit sales and currency rate shifts during the quarter.
Lexmark now expects fourth quarter EPS excluding restructuring related charges to be $0.71 to $0.76 vs. consensus of $0.81.
In the first quarter the company currently expects a revenue decline in the mid to high teens percentage range, and GAAP earnings per share to be around $0.52 to $0.62, or $0.65 to $0.75 excluding $0.13 restructuring related charges. (Consensus is $0.73)
The 2009 Restructuring Plan is expected to impact about 375 positions. The company expects the 2009 Restructuring Plan will result in pre-tax charges of approximately $45 million. Restructuring charges in the fourth quarter of 2008 related to the 2009 Restructuring Plan were $20 million.
Lexmark International, Inc. develops, manufactures, and supplies printing and imaging solutions for offices and homes.[SM]
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