WASHINGTON (AP) -- Danaher Corp., which makes bar code readers, medical products and Sears' Craftsman tools, cut its fourth-quarter profit guidance Monday and announced 1,700 job cuts, citing weak global economic conditions.
The company expects profit of $1.03 to $1.10 per share during the quarter, down from prior guidance of $1.17 to $1.25 per share. The figures exclude restructuring and acquisition charges.
Analysts surveyed by Thomson Reuters expect profit of $1.18 per share.
Meanwhile, the company said it will cut 1,700 jobs and eliminate 13 facilities. The restructuring move could save $100 million in 2009, the company said.
"Global economic conditions have continued to deteriorate over the last several weeks, impacting many of our customers as well as a number of our businesses," said President and Chief Executive H. Lawrence Culp Jr., in a statement. "In addition, the strengthening of the dollar against other global currencies has created additional headwinds that will negatively impact our financial results."
For the full year, Danaher expects profit of $4.15 to $4.22 per share. Previously it set guidance for 2008 profit of $4.29 to $4.37 per share.
