Shares of printer maker Lexmark (NYSE: LXK) have been taking a hit today after the company reported its third quarter earnings this morning. The stock has traded down 7.8 percent in early morning trading.The company blamed the weak quarter on poor printer sales, which contributed to a 47% decline in quarterly profit for the quarter. Lexmark sold fewer printers in the quarter than it had anticipated, with laser printer shipments dropping 7 percent.
Net income was reported to be $45.2 million, or 48 cents for the quarter. This is well below the $85.6 million, or 85 cents that the company reported during the same period last year. Revenue was down 3 percent to $1.195 billion.
Lexmark also discussed a restructuring plan that it estimates will cost around $90 million between now and the end of 2008.
Looking ahead to the fourth quarter, the company expects to see revenue in the low-single-digit range, with earnings of 42 cents per share.
[Photo: cpchannel]
Michael Fowlkes has worked as a stock trader for seven years and spent the last two years working as an analyst for the online investment advisory service Investor's Observer
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