LEXINGTON, Ky. (AP) — Printer maker Lexmark International Inc. said Tuesday that its fourth-quarter net income soared. Its adjusted results beat Wall Street predictions and its shares rallied in midday trading.
For the quarter that ended in December, Lexmark earned $94 million, or $1.48 per share, up from $26.3 million, or 40 cents per share, in the same quarter of 2012. Excluding one-time items, the company posted an adjusted profit of $1.18 per share.
Revenue rose 4 percent to $1 billion from $967.4 million.
Analysts, on average, expected earnings of $1.08 per share on $931.5 million in revenue, according to FactSet.
For the full year, Lexmark earned $261.8 million, or $4.08 per share, compared with $107.6 million, or $1.55 per share, in 2012. Revenue fell to $3.67 billion from $3.8 billion.
Lexmark projected an adjusted first-quarter profit of around 80 cents to 90 cents per share, down from 95 cents per share a year earlier. Analysts expect 87 cents per share.
First-quarter revenue, excluding revenue from the inkjet business that the company is exiting, is expected to be up from a year ago. Total revenue is expected to be down 3 percent to 5 percent.
Lexmark shares rose $2.78, or 8 percent, to $37.70 in midday trading. Its shares are up almost 35 percent for the past year.