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Lexmark International Inc (NYSE: LXK) fell sharply on Tuesday after the company offered a disappointing outlook and said currency headwinds and higher-than-expected taxes caused it to miss fourth-quarter Street views.
Lexmark changed hands recently at $41.08, down 2.6 percent.
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A short squeeze might be contributing: Shorts accounted for about 18 percent of the Kansas City, Missouri-based company's shares as of December 31.
For the recent fourth quarter, Lexmark's adjusted income fell 6 percent from a year earlier to $1.11 a share on nearly flat revenue of $1.02 billion.
Analysts expected adjusted earnings of $1.14 a share on revenue of $978.1 million. The company said a shift in the mix of earnings "toward higher-tax geographies" cut profits by $0.10 cents a share, while a stronger dollar reduced earnings by $0.08 cents a share, relative to its October guidance.
For the first quarter ending March 31, Lexmark expects earnings of $0.70 to $0.080 cents a share on a revenue decline between 3 percent and 5 percent from year-earlier revenue of $880.8 million. Wall Street is projecting first-quarter profits of $0.90 cents a share, on revenue of $869.55 million.
Lexmark is exiting its inject printer business and turning to software products to boost slow-growing revenue and narrowing profit margins.
Earlier this month, Lexmark acquired Toronto-based Claron Technology Inc. for $37 million, folding the medical-imaging business into its Lexmark Perceptive Software unit.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.