Lexmark International announced earnings Tuesday of $855 million for the first quarter of 2015, down from $881 million in the same quarter a year ago.
The Lexington company continued to absorb the financial hit from its exit from inkjet printers, as Lexmark shifts toward higher-margin software services.
Via a series of worldwide acquisitions, the company, Lexington's largest private employer, is seeking to position itself as a solutions company for managing business data, from input and signage to personnel, health care and manufacturing.
The company's earnings news release said that such "higher value solutions revenue" was $275 million, up from $244 million in the same quarter of 2014.
Earnings per share were 81 cents, five cents better than analysts' estimates.
Paul Rooke, president and chief executive officer of Lexmark, said the company is seeing the benefits of its transformation, with bigger financial contributions from managed print solutions and enterprise software.
Even with foreign currency headwinds and a continuing exit from inkjet printers weighing down the company's prospects, Rooke said, "We still delivered."
The company is forecasting second-quarter earnings of 75 to 85 cents per share. In the second quarter, total revenue is expected to decline two to four percent year to year.
The company said its enterprise software and managed print services revenue grew 13 percent year to year.
Analysts have been mixed on Lexmark's prospects.
Four research analysts rated the stock with a "sell" rating, four with a "hold" rating and one with a "buy" rating.
Nonetheless, "If you look back over the last few years, our stock has appreciated considerably," Rooke said.
In March, Lexmark made its biggest purchase ever, paying $1 billion for California-based Kofax, which the company said would give an increased competitive edge to its Perceptive Software unit.
Earlier in April, the company introduced a new logo and brand that emphasizes Lexmark's continued evolution into a business information services powerhouse. That included bringing Perceptive under the Lexmark name.
Lexmark shares closed Tuesday off slightly, at $43.88.