Lexmark Plunges on Outlook, Q2 – Zacks Tale of the Tape
Source: http://www.zacks.com/stock/news/22537/Lexmark+Plunges+on+Outlook%2C+Q2+-+Zacks+Tale+of+the+TapePosted on Tuesday, July 21st, 2009 | In Market Commentary, Stocks to Watch
Lexmark International Inc. (LXK) offered a weak third-quarter outlook today after second-quarter results came in behind Wall Street expectations.
Shares of this Zacks #4 Rank (”Sell”) company have plunged more than 20% on extraordinarily heavy volume of about 14.5 million, compared to the average daily volume of approximately 2.5 million.
The company expects third-quarter adjusted earnings of 40 cents to 50 cents per share, which is below the consensus forecast of 52 cents per share.
Meanwhile, Lexmark posted second-quarter adjusted earnings of 55 cents per share, missing the consensus estimate by nearly 10%.
Sales fell 21% to $904.6 million as the economic slump impacted demand for its imaging and printing products.
The average forecast for the company’s full-year earnings has declined a penny over the past week to $2.59 per share as 1 of 12 covering analysts lowered expectations.
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