The company says this reflects cost cuttings, “strong customer demand” and the steps it has taken to improve its product line such as MPS.
Operating income grew by 44 percent from $74.6 million in the three months ended 31 March 2009 to $133.3 million. Revenue also increased by 11 percent to $1.04 billion from $944.1 million.
For the second quarter, the company expects revenue to be “up in the mid to high-single digit percentage range” and earnings of 71 cents to 81 cents per share.
Lexmark Chairman and CEO Paul Curlander said: “Lexmark’s first quarter results were significantly better than expected, reflecting strong customer demand for our hardware and supplies products.
“In addition to improved market conditions, these strong results were also driven by the many actions we’ve taken over the last two years to expand and strengthen our product line, to advance our solutions and managed print services business, and to reduce our cost and expense infrastructure.”
Lexmark is not the only OEM that reported big profits in Q1 results, the June issue will have a full round up.