Lexmark International Inc said on Tuesday its first-quarter laser and inkjet printer sales declined and forecast further revenue softness, sending its shares down almost 12 percent.
The larger-than-expected 42 percent drop in inkjet printer sales overshadowed stronger sales of laser printersupplies and an overall first-quarter profit that beat expectations.
First-quarter net income rose to $101.7 million, or $1.07 a share, from $92.4 million, or 95 cents a share, a year ago. Excluding restructuring costs, per-share profit was $1.16.
Analysts had expected a profit of 89 cents a share, according to Reuters Estimates.
Lexmark and its rivals typically sell low-end inkjet printers at a loss, hoping for long-term sales of more profitable replacement supplies such as toner. Lexmark has responded to shrinking profits by shifting its consumer focus to higher-priced units and customers who print more.
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