Despite reporting record Q1 results, Lexmark International missed analysts forecasts.
Net earnings came in at $123.9 million, or EPS of $0.96, up from $121 million, or EPS of $0.91, a year ago. Sales rose 8 per cent to $1.36 billion.
Analysts had been expecting EPS of $1.02 on sales of $1.37 billion, however.
To further add to concerns, looking ahead Lexmark predicted Q2 sales to rise in the mid-single digit range, whereas Wall Street analysts had been looking for 11 per cent growth, according to Reuters Estimates.
Following the release of the results, Lexmark’s share price on the NYSE fell to a new 18-month low.