Lexmark International has announced its financial results for the full year and fourth quarter of 2011, with revenue for 2011 coming in at $4.178 billion, down 1% on the previous year.
"2011 was a good year for Lexmark given the challenging global economic environment," said Paul Rooke, Lexmark chairman and chief executive officer. "Lexmark delivered record laser supplies revenue, record gross profit margin and a strong operating income margin.
"We continued solid execution of our strategic initiatives in 2011, focusing our significant imaging talent and resources squarely on business customers and aggressively growing our software business," added Rooke. "We remain confident in our ongoing ability to generate positive free cash flow as we have for each of the past 10 years, and going forward we plan to return more than 50 percent of free cash flow to our shareholders through dividends and share repurchases."
Core revenue, which principally includes laser and business inkjet hardware and supplies, managed print services and software, grew 7 percent year to year while Legacy revenue, which includes consumer inkjet hardware and supplies that the company is exiting, declined 35 percent.