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Lexmark warns of sales slowdown
Q2 profit bucks trend
Lexmark posted a three per cent rise in profits in Q2, but warned of a slowdown for the rest of the year.
The US printer company said net income grew to $87.1 million, or 65 cents per share, for the three months ended June 30 2001. Sales rose 11 per cent to $988 million.
Lexmark chairman and CEO Paul Curlander said that the "considerable slowdown in market demand, compounded with more aggressive laser and inkjet printer price competition," had forced the company to cut growth forecasts for the full financial year 2001.
Regarding Q3, the company expects to earn between 50 and 60 cents per share, compared to 50 cents per share for the same period the previous year. For the fourth quarter, it forecast earnings per share of between 70 and 80 cents, compared to 64 cents.
The company had previously forecast full year 2001 earnings per share growth of 15 to 20 per cent. ®