Lexmark International, Inc (NYSE: LXK) today announced financial results for the second quarter of 2004. Revenue of $1.248 billion grew 11% from a year ago and earnings per share increased 32% to $1.02.
"Our second quarter results mark the fourth consecutive quarter of double-digit revenue and earnings growth," stated Paul J Curlander, Lexmark chairman and CEO. "These consistent results reflect Lexmark`s exclusive focus on printing solutions and the power of our supplies-driven business model."
Gross profit for the quarter was $440 million or 35.3% of revenue versus $381 million or 34% a year ago due to improved product margins, partially offset by a negative mix among products.
Operating expense for the second quarter was $254 million compared to $244 million in the same period of 2003. Operating income was $186 million or 14.9% of revenue versus $137 million or 12.2% of revenue a year earlier. Net earnings were $137 million in the second quarter, up 34% from $102 million reported a year ago. Diluted net earnings per share for the period were $1.02, up 32% from 77c in the prior year.
"As we look forward, we believe that our recent new product introductions and our business model position us well for continued growth," Curlander stated.
"We continue to be cautious, however, due to the uncertainty in the market, and the potential for aggressive price competition. In the third quarter of 2004, we expect a year-over-year revenue growth rate of high-single to low-double digits and earnings per share to be in the range of $0.90 to $1.00, versus 79c reported in the third quarter of 2003."
For further information, please contact Louisa Craig at telephone (011) 329 0943; fax (011) 329 0824; e-mail louisa.craig@lexmark.co.za
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Lexmark International, Inc is a leading developer, manufacturer and supplier of printing solutions - including laser and inkjet printers, associated supplies and services - for offices and homes in more than 150 countries. Founded in 1991, Lexmark reported more than $4.7 billion of revenue in 2003, and can be found on the Internet at www.lexmark.com.
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