UPDATE 2-Black & Decker sees weak 2009, to cut 1,200 jobs

jueves 29 de enero de 2009 18:23 CET

* Q4 adj EPS $0.97 vs est. of $0.70

* Sees Q1 sales down 20 pct

* Sees Q1, FY09 EPS below estimates

* To cut 1,200 jobs

* Shares fall 18 pct to a 7-yr low (Recasts; adds details from conference call, updates share movement)

Jan 29 (Reuters) - Tool maker Black & Decker Corp BDK.N warned of a double-digit fall in organic sales for the first three quarters of 2009 on weakening demand, and said it would cut 1,200 jobs, sending its shares down 18 percent to a seven-year low.

The company, which reported a better-than-expected fourth-quarter profit, said it expects first-quarter sales to drop about 20 percent on lower demand, likely retail inventory adjustments and unfavorable currency.

On Wednesday, another tool maker Stanley Works (SWK.N: Cotización) posted better-than-expected quarterly results but declined to provide 2009 outlook, citing economic uncertainty.

Black & Decker sees earnings per share of 5 cents to 15 cents for the first quarter and $1.75 to $2.25 for 2009. Analysts were looking for 76 cents, before items, for the first quarter and $3.68 for the full year.   Continuación...