Printer and software company Lexmark International Inc. said Tuesday that its first-quarter earnings fell 27 percent, hurt by declining sales of consumer inkjet printers as well as the costs of restructuring and buying other companies.
Lexmark has been shifting its focus from consumer inkjet printers, focusing on laser printers and supplies for businesses and software services.
The Lexington, Ky., company earned $60.8 million, or 84 cents per share, down from $83.3 million, or $1.04 per share, in the same period a year earlier.
Adjusted earnings excluding restructuring and acquisition-related charges were $1.05 per share in the latest quarter.
Revenue slid 4 percent to $992.5 million from $1.03 billion.
Analysts, on average, were expecting earnings of $1.05 per share on revenue of $993.8 million, according to a poll by FactSet.
Lexmark's recent acquisitions include Luxembourg's BDGB Enterprise for about $148 million. This purchase included BDGB's U.S. subsidiary Brainware Inc., which provides data capture software to businesses. It has also bought two other software companies.
For the current quarter, Lexmark is forecasting earnings of 65 cents to 75 cents per share, or adjusted earnings of 95 cents to $1.05 per share. Analysts are expecting adjusted earnings of $1.13 per share.
The company expects revenue to decline by 7 percent to 9 percent from a year earlier. Analysts are expecting $985.6 million, a decline of about 4 percent from $1.03 billion a year earlier.
Lexmark's stock fell 56 cents, or 1.7 percent, to $31.99 in premarket trading on Tuesday.