Lexmark International Inc. on Tuesday announced a slight decline in year-to-year revenue for the first quarter even as it delivered results at the top end of its projections.
The Lexington-based printer and software company reported revenue of $855 million, as compared with $881 million a year ago.
“All in all, despite currency headwinds, it was good performance by the team,” said Lexmark CEO Paul Rooke.
Lexmark is in the midst of a major transition as it pivots from the inkjet printer business toward software and business solutions. Rooke pointed to growth in what he termed “core revenue, basically everything but inkjet” and noted several segments, including managed print and subscription services, had posted solid gains.
Rooke said the company, like many U.S.-based multinational corporations, is struggling in unfavorable currency markets in many of the countries where it operates.
“The common theme is the dollar strengthening,” Rooke said.
Lexmark’s latest financial disclosure follows several high-profile moves by the company. In March, it announced plans for its largest-ever purchase, as it bid to buy California-based software-maker Kofax Ltd. in a deal valued at $1 billion. The deal, which needs shareholder approval, is expected to be finalized in the second quarter of 2015.
And earlier this month, Lexmark also unveiled a new logo and branding effort, replacing it’s familiar red diamond icon with a multi-hued green “aperture” design.