Lexmark reports third quarter results: down 3 percent compared to last year
Press release from the issuing company
LEXINGTON, Ky., Oct. 23 2007 -- Lexmark International, Inc. today announced financial results for the third quarter of 2007. Third-quarter revenue was $1.195 billion, down 3 percent compared to revenue of $1.235 billion last year. Third-quarter GAAP earnings per share were $0.48. Earnings per share for the third quarter of 2007 would have been $0.60 excluding $0.12 per share for restructuring-related activities. In the third quarter of 2007, the GAAP provision for income taxes was a benefit of $18 million, reflecting tax benefits due to the finalization of certain tax audits in the quarter and a reduction in the expected full-year tax rate. Third-quarter 2006 GAAP earnings per share were $0.85. Earnings per share for the third quarter of 2006 would have been $0.95 excluding $0.10 per share for restructuring-related activities.
Third-quarter 2007 business segment revenue of $728 million grew 5 percent year to year and consumer segment revenue of $468 million declined 13 percent compared to a year ago. Third-quarter 2007 gross profit margin was 27.8 percent, the operating expense to revenue ratio was 26.1 percent, the operating income margin was 1.7 percent, and net earnings were $45 million. Third-quarter 2007 operating income includes $15 million pretax charges in connection with the company's restructuring-related actions.
Third-quarter 2006 gross profit margin was 32.6 percent, the operating expense to revenue ratio was 23.3 percent, the operating income margin was 9.3 percent, and net earnings were $86 million. Third-quarter 2006 results include $13 million restructuring-related pretax charges.
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