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lexmark international inc-a (LXK) Key Developments

Lexmark International Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Earnings Guidance for the First Quarter and Full Year of 2015

Lexmark International Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company announced total revenue of $1,022.9 million compared to $1,006.1 million for the same period a year ago. Operating loss was $21.6 million compared to operating income of $150.8 million for the same period a year ago. Loss before income taxes were $31.8 million compared to profit of $141.9 million for the same period a year ago. Net loss was $25.6 million compared to earnings of $94.0 million for the same period a year ago. Net loss per diluted share was $0.42 compared to net earnings per diluted share of $1.48 for the same period a year ago. Non-GAAP net earnings were $68 million compared to $75 million for the same period a year ago. Non-GAAP earnings per share were $1.11 compared to $1.18 for the same period a year ago. Non-GAAP revenue was $1,032 million compared to $1,011 million for the same period a year ago. Net cash provided by operating activities was $183 million. Free cash flow was $153 million and capital expenditures were $30 million. Non-GAAP operating income was $111 million against $112 million a year ago. For the full year, the company announced total revenue of $3,710.5 million compared to $3,667.6 million for the same period a year ago. Operating income was $149.2 million compared to $409.2 million for the same period a year ago. Earnings before income taxes were $113.4 million compared to $368.4 million for the same period a year ago. Net earnings were $79.1 million compared to $261.8 million for the same period a year ago. Net earnings per share, diluted were $1.25 compared to $4.08 for the same period a year ago. Non-GAAP net earnings were $255 million compared to $269 million for the same period a year ago. Non-GAAP earnings per share were $4.04 compared to $4.19 for the same period a year ago. Non-GAAP revenue was $921 million compared to $896 million for the same period a year ago. Net cash provided by operating activities was $418 million. Free cash flow was $282 million and capital expenditures were $136 million. For the first quarter of 2015, total revenue is expected to decline in the range of 3 to 5% year to year. Revenue, excluding Inkjet Exit revenue, is expected to decline slightly year to year. GAAP EPS are expected to be around $0.24 to $0.34. Non-GAAP EPS are expected to be around $0.70 to $0.80. The effective tax rate for the first quarter of 2015 is to be 31%. The company expects gross profit margin as a percent of revenue to be down year-to-year and operating expenses to be down sequentially. Operating income as a percent of revenue is expected to decline slightly year-to-year. For the full year, total revenue is expected to decline in the range of 3 to 5% year to year. Revenue, excluding Inkjet Exit revenue, is expected to decline slightly year to year. GAAP EPS are expected to be around $1.81 to $2.01. Non-GAAP EPS are expected to be around $3.60 to $3.80, compared with non-GAAP EPS of $4.04 in 2014. The effective tax rate is to be approximately 31%. Free cash flow is expected to be 90% to 100% of non-GAAP net income.

Lexmark International Inc. Announces Management Appointments

Lexmark International Inc. has appointed David Reeder as the new vice president and CFO. Reeder has been CFO for Electronics for Imaging since January 2014. From 2012 until 2014, he was vice president and CFO for Cisco's Enterprise Networking Division. Lexmark's interim CFO, Gary Stromquist, will remain with the company and resume his duties as vice president of finance for Lexmark's Imaging Solutions and Services division and the Corporate Finance group.

Lexmark International Inc. to Report Q4, 2014 Results on Jan 27, 2015

Lexmark International Inc. announced that they will report Q4, 2014 results at 8:30 AM, US Eastern Standard Time on Jan 27, 2015

Lexmark International Inc., Q4 2014 Earnings Call, Jan 27, 2015

Lexmark International Inc., Q4 2014 Earnings Call, Jan 27, 2015

Lexmark International Inc. Appoints David Reeder as Vice President and Chief Financial Officer, Effective January 9, 2015

On December 18, 2014, the Board of Directors of Lexmark International Inc. appointed, David Reeder, age 39, as Vice President and Chief Financial Officer of the Company, effective January 9, 2015. Since January 2014, Mr. Reeder has served as Chief Financial Officer of Electronics for Imaging. From July 2012 through January 2014, Mr. Reeder served as the Vice President, Finance of the Enterprise Networking Division of Cisco Systems Inc. From October 2007 through June 2012, Mr. Reeder served as Vice President & Managing Director, Asian Operations as well as Senior Director, Controller for Broadcom Corporation. Lexmark's interim CFO, Gary Stromquist, will remain with the company and resume his duties as vice president of finance for Lexmark's Imaging Solutions and Services division and the Corporate Finance group.

 

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