Seeking Alpha

Lexmark (LXK -7.8%) opens with a thud after badly missing Q4 EPS estimates. Also hurting is Q1...

Lexmark (LXK -7.8%) opens with a thud after badly missing Q4 EPS estimates. Also hurting is Q1 guidance for an 11%-13% revenue drop and EPS of $0.80-$0.90, largely below a consensus for an 11.3% drop and EPS of $1.01. Q4 gross margin was 34.1%, -160 bps Q/Q and -330 bps Y/Y. Hardware revenue -15% Y/Y, supplies -10%. Software sales +25%, but were only 9% of total. Shares had rallied strongly since July, fueled by enthusiasm over Lexmark's restructuring efforts. Rivals are off: HPQ -1.8%. XRX -1.5%. (PR) (slides)
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