Lexmark issues profit warning

A shortfall in inkjet supplies revenue, lower hardware average unit revenue, higher product cost and greater than expected inkjet unit growth have prompted printer maker Lexmark to issue a revenue and profit warning for the second quarter of this year.

According to the company, revenues for the period declined about 2% year-over-year. Earnings per share will be in the range of $0.64 to $0.69, instead of the previously forecasted $0.82 to $0.92. The company said that it expects the market to remain difficult and estimates third quarter earnings per share to be "around $0.00 to $0.10".

Lexmark will report Q2 results on July 24.