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Earnings Rise as Stanley Works Cuts Jobs
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Business New Haven
10/29/2001
By: BNH
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NEW BRITAIN - Tool and hardware maker Stanley Works (NYSE: SWK) said it will cut about ten percent of its salaried work force as industrial and commercial markets are likely to remain weak, and it predicts fourth-quarter revenues will fall about five percent.
Stanley reported earnings of $54 million, or 62 cents per share, compared with $48.7 million, or 56 cents per share, a year ago. Analysts' earnings estimates ranged from 57 cents to 63 cents, with a mean of 60 cents per share, according to research firm Thomson Financial/First Call.
Revenues fell to $676.1 million from $684.4 million.
The company said it would eliminate 475 positions and take a $60 million charge in the fourth quarter. It also said it will take additional actions, including facility closures and related workforce reductions, which it expects to complete during the fourth quarter and next year.
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