UPDATE 2-Stanley Works posts lower quarterly profit

miércoles 22 de julio de 2009 15:35 CEST
 

* Q2 EPS $0.87 vs year-ago $0.98

* Adj EPS of $0.63 beats Street view of $0.55

* Taking actions to save another $50 mln

* Keeps FY ex-items shr view of $2.00-$2.50

(Adds details from presentation slides)

July 22 (Reuters) - Tool maker Stanley Works (SWK.N: Cotización) posted a 11 percent drop in second-quarter profit and said it would cut more costs, citing steeper-than-expected volume declines during the quarter.

The supplier of tools, hardware and security systems expects to save about $50 million annually from the new cost-cutting actions in July -- 35 percent of which is headcount-related.

Stanley Works cut 2000 jobs, closed three plants and suspended certain employee benefits temporarily in 2008. In the first quarter of 2009, it cut an additional 550 jobs.

It expects to save about $265 million in 2009 through actions taken since last year.   Continuación...