Lexmark releases 4Q earnings, says it’s cutting 550 jobs
LEXINGTON, Ky. (AP) – Lexmark says it will cut 550 jobs over the next year, with some of the positions being moved out of the country.
The Lexington Herald-Leader reports Lexmark spokesman Jerry Grasso declined to comment on how many affected employees would be in Lexington, where about 2,300 of the company’s 14,000 employees work.
The company released fourth-quarter earnings on Tuesday. Fourth-quarter revenue was down from $1.023 billion to $969 million, but gross profit margin of 39.8 percent was up from 35.2 percent in the same period in 2014. Earnings per share were $1.16 in 2015, up slightly from $1.14 in 2014.
Lexmark said in a news release some of the jobs being eliminated would be moved to “low-cost countries.” The release said the restructuring will save Lexmark $67 million in 2016 and $100 million annually beginning in 2017.
