Lexington, KY - Lexmark International reported a strong second quarter with earnings bolstered by revenue in hardware and supplies, according to a company release.
The Lexington-based printer manufacturer saw $1.03 billion in revenue, up 14 percent from the second quarter of 2009 with net earnings of $85 million, up 400 percent over the same time last year when Lexmark brought in $17 million.
"Lexmark's second quarter results were significantly better than expected, driven by double-digit growth in both hardware and supplies revenue, as well as operating income margin expansion," Lexmark Chairman and CEO said Paul J. Curlander, in the news release.
Earnings for the quarter were $1.07 per share, up from $.22 a share in Q2 '09. This quarter's earnings saw an 8 cent shaving for costs related to restructuring and an additional 8 cent decrease going toward the cost of acquiring Perceptive Software, a deal that was announced in May.
The company ended the quarter with $1.0 billion in cash and marketable securities, according to the release.
Lexmark's Gross profit margin was 36.8 percent, while in Q2 '09 it was 31.0 percent. Operating expenses were $261 million for the quarter compared to $253 million last year.
While the earnings are greatly improved over the previous year, they are down slightly compared to the first quarter.
Shareholders earned $1.20 per share as a result of first quarter revenue of $1.04 billion. Revenue in the first quarter fell 3 percent from fourth quarter 2009 earnings.
Operating expenses during the first quarter, previous to the acquisition of Perceptive, were $251 million.