Lexmark International Inc. (LXK) filed Quarterly Report for the period ended 2009-09-30.
Lexmark International Inc. makes it easier for businesses and consumers to move information between the digital and paper worlds. In doing so they are guided by a simple vision: Customers For Life. To earn its customers' loyalty they listen to them anticipate their needs and act to create value in their eyes. Lexmark International Inc. has a market cap of $1.98 billion; its shares were traded at around $25.4 with a P/E ratio of 9 and P/S ratio of 0.4. Lexmark International Inc. had an annual average earning growth of 7.1% over the past 10 years.
Highlight of Business Operations:
For the third quarter of 2009, total revenue was $958 million or down 15% from 2008. Laser and inkjet supplies revenue decreased 12% YTY and laser and inkjet hardware revenue decreased 24% YTY. In PSSD, revenue decreased 14% YTY while revenue in ISD decreased 18% YTY.
For the nine months ended September 30, 2009, consolidated revenue was $2.8 billion or down 19% YTY. Laser and inkjet supplies revenue declined 15% YTY and laser and inkjet hardware revenue declined 28% YTY. In PSSD, revenue decreased 17% YTY while revenue in ISD decreased 21% YTY.
For the third quarter of 2009, consolidated revenue decreased 15% YTY. Laser and inkjet supplies revenue declined 12% YTY due to lower volume and the negative impact of foreign currency exchange rates, partially offset by supplies price increases. Laser and inkjet hardware revenue declined 24% YTY primarily driven by unit declines, as well as price declines and the negative impact of foreign currency exchange rates.
For the nine months ended September 30, 2009, consolidated revenue decreased 19% YTY. Laser and inkjet supplies revenue declined 15% YTY due to lower volume and the negative impact of foreign currency exchange rates, partially offset by supplies price increases. Laser and inkjet hardware revenue declined 28% YTY primarily driven by unit declines, as well as the negative impact of foreign currency exchange rates and price declines.
During the third quarter of 2009, revenue in PSSD decreased $105 million or 14% compared to 2008 due to a 22% decline in hardware revenue as well as a decline in supplies revenue. The lower hardware revenue was primarily due to lower unit volumes. PSSD laser hardware unit shipments declined 22% YTY due to the weak economic environment. PSSD laser hardware average unit revenue (“AUR”), which reflects the changes in both pricing and mix, was about flat YTY.
For the nine months ended September 30, 2009, PSSD revenue decreased $387 million or 17% YTY primarily due to the lower volumes due to the weak economic environment as well as negative foreign currency impacts. PSSD laser hardware unit shipments decreased 22% YTY while PSSD laser hardware AUR decreased 3% YTY.
LXK is in the portfolios of Third Avenue Management, David Dreman of Dreman Value Management.
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