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lexmark international inc-a (LXK) Key Developments

Lexmark International Inc. Announces Unaudited Consolidated Financial Results for the Second Quarter and Half Year Ended June 30, 2014; Provides Financial Guidance for the Third Quarter 2014; Revises Financial Guidance for the Full Year 2014

Lexmark International Inc. announced unaudited consolidated financial results for the second quarter and half year ended June 30, 2014. For the quarter, total revenue was $891.8 million against $886.7 million a year ago. Operating income was $62.4 million against $135.6 million a year ago. Earnings before income taxes were $54.7 million against $126.2 million a year ago. Net earnings were $37.5 million or $0.59 per diluted share against $94.1 million or $1.47 per diluted share a year ago. Non-GAAP net earnings were $62 million or $0.99 per diluted share against $67 million or $1.04 per diluted share a year ago. Non-GAAP revenue was $894 million against $890 million a year ago. Non-GAAP operating income was $98 million against $98 million a year ago. Net cash provided by operating activities was $102 million. Capital expenditures were $26 million. For the half year, total revenue was $1,769.5 million against $1,771.0 million a year ago. Operating income was $116.3 million against $197.8 million a year ago. Earnings before income taxes were $100.0 million against $174.8 million a year ago. Net earnings were $66.8 million or $1.05 per diluted share against $134.1 million or $2.08 per diluted share a year ago. Non-GAAP net earnings were $121 million or $1.90 per diluted share against $129 million or $2.00 per diluted share a year ago. Non-GAAP revenue was $1,775 million against $1,777 million a year ago. Non-GAAP operating income was $190 million against $187 million a year ago. Third quarter 2014 revenue, excluding Inkjet Exit revenue, is expected to grow year to year. The company expects a continued negative impact from the 2012 decision to exit inkjet. Total revenue in the third quarter is currently expected to be in the range of flat to down 2% compared to last year. GAAP earnings per share in the third quarter of 2014 are expected to be around $0.44 to $0.54. Non-GAAP earnings per share in the third quarter of 2014 are expected to be around $0.85 to $0.95, compared with non-GAAP earnings per share of $1.02 in the third quarter of 2013. Full-year 2014 total revenue is currently expected to be in the range of flat to down 2% year to year. The previous guidance range was for revenue to decline 2% to 4% year to year for full-year 2014. Full-year 2014 GAAP earnings per share are expected to be around $2.27 to $2.47. Full-year 2014 non-GAAP earnings per share are expected to be around $3.95 to $4.15, an increase compared with previous non-GAAP earnings per share guidance of $3.80 to $4.00 per share for full-year 2014. The company continues to expect 2014 free cash flow to be in the range of 90% to 100% of non-GAAP net earnings.

Lexmark International Inc. to Report Q2, 2014 Results on Jul 22, 2014

Lexmark International Inc. announced that they will report Q2, 2014 results on Jul 22, 2014

Lexmark International Inc. Unveils Four New A3/Ledger-Capable Devices

Lexmark International Inc. has added four new A3/ledger-capable devices to its line of Smart MFPs and printers. The Lexmark MS911 monochrome laser printer and Lexmark MX910 monochrome laser MFP series, ideal for high usage environments, feature long-life components, enterprise security and advanced finishing options. Part of Lexmark's complete enterprise portfolio, these A3/ledger-capable devices complement the more commonly used A4/letter-sized devices. The series increases productivity by reducing downtime with quick time to first print, high capacity input of up to 6,650 sheets as well as shake-free toner cartridges and long-life components that require fewer interventions. Finishing options such as multi-position staples and hole punches as well as automated folding functionality with saddle stitch binding simplify professional presentation. Encrypted hard drive, optional user authentication and secure automatic disk wiping provide enhanced security. The series' holistic platform provides a seamless connection between the paper and digital worlds and a consistent and intuitive user experience across devices.

Lexmark International Inc. Approves Dividend, Payable on June 13, 2014

Lexmark International Inc. approved a 20% increase of its dividend to $0.36 per share or $1.44 per share on an annual basis. The dividend will be paid on June 13, 2014, to shareholders of record as of the close of business on May 30, 2014.

Lexmark International Inc. Announces Executive Changes, Effective May 20, 2014

On May 8, 2014, Mr. John W. Gamble, Jr. announced his resignation as Executive Vice President and Chief Financial Officer of Lexmark International Inc., effective May 20, 2014. The Company has accepted Mr. Gamble's resignation and appointed Gary D. Stromquist as interim Vice President and Chief Financial Officer. As interim Chief Financial Officer, Mr. Stromquist will become the Company's principal financial officer and principal accounting officer, roles currently held by Mr. Gamble. Mr. Gamble intends to pursue other professional opportunities and the Company wishes him well in his new endeavors. In connection with his resignation, Mr. Gamble acknowledged that his resignation did not result from any disagreement regarding the Company's financial reporting or accounting policies, procedures, estimates or judgments.

 

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