MINNEAPOLIS (AP) -- Shares of ADC Telecommunications Inc. fell to a 52-week low Thursday after the telecom equipment company lowered its 2008 guidance and said it was cutting jobs and exiting unprofitable product lines to cut costs amid the bad economy.
The company now expects a loss from continuing operations in the range of 4 cents to 24 cents per share for the fiscal year ending this month. ADC's prior outlook was for a profit of 10 cents to 18 cents per share.
The outlook includes charges for a number of items, including restructuring and impairment charges and stock-option costs.
The company's adjusted earnings, according to Craig-Hallum Capital analyst Christian Schwab, amount to between $1.04 and $1.14 per share.
Analysts, on average, are expecting a profit of $1.16 per share, according to a poll by Thomson Reuters. Analysts typically exclude one-time items from their estimates.
The company forecast sales of $1.47 to $1.5 billion, down from its earlier outlook of $1.5 billion to $1.52 billion. Analysts expect revenue of $1.51 billion.
A spokesman said the company expects to cut between 300 and 350 jobs, or about 3 percent of its total work force.
ADC said in a statement that it expects most of the planned cuts to take place in North America.
Schwab kept a "Buy" rating on the stock saying it already reflects the company's lowered guidance.
Shares fell 30 cents, or 5.8 percent, to $4.89 in late morning trading. Earlier, the stock hit a 52-week low of $4.60.