Wellesley, Mass.-based PerkinElmer Inc. lowered its full-year earnings forecast and said it will cut 500 jobs as the U.S. maker of laboratory equipment faces weakening demand in the telecommunications and semiconductor markets.
The company will earn between $1.05 and $1.10 a share this year, it said in a statement on BusinessWire. Three weeks ago, it estimated full-year earnings per share of between $1.24 to $1.26.
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PerkinElmer has been reorganizing, selling three units in recent months for about $185 million. It will take a restructuring charge of as much as $15 million in the first quarter to make changes to its business that supplies digital imaging and sensor technology to the makers of telephone and computer equipment.
“These actions will allow us to manage lower volumes in these soft markets in the short term, while positioning ourselves for market recovery,” Gregory L. Summe, chairman and chief executive officer, said in a statement.
The company’s stock fell 65 cents, or 2.8 percent, to $23 yesterday. The shares have fallen 12 percent since the start of the year.
The company projects earnings per share of 16 cents or 17 cents in the first quarter. Analysts surveyed by Thomson Financial/First Call estimated the company would have EPS of 23 cents in the period.
