Printer Maker Lexmark's Outlook Disappoints

Printer maker Lexmark International Inc. (LXK) on Monday posted a 50 percent rise in third-quarter net income on strong sales of printers, but said its fourth-quarter profit would be on the low side of Wall Street expectations.

The company reported a third-quarter net profit of $156.1 million, or $1.17 a share, up from $104.1 million, or 79 cents a share. Excluding a one-time tax benefit, earnings per share would have been $1.02, the company said.

Third-quarter revenue was $1.276 billion, up 9 percent from $1.16 billion last year.

Wall Street analysts had forecast a profit of 98 cents a share, on revenue of $1.28 billion.

The company said fourth-quarter earnings per share would be $1.05 to $1.15, including another tax benefit in the period, up from a profit of $1.05 last year. Wall Street analysts on average were expecting a profit of $1.15 per share.

Lexmark shares slipped to $80.60 on Monday, down from Friday's close of $82.40 on the New York Stock Exchange (search).