R.R. Donnelley & Sons Co., the Chicago-based printing giant, is laying off 250 staff and administrative employees in an effort to deal with lower than expected earnings for the full year 2001.
The job cuts are expected to save Donnelley $10 million in the second half of this year.
Company spokeswoman Vera Panchak said Donnelley has not yet decided where the job reductions will take place but did indicate they would be “company-wide.”
According to news reports,. Donnelley said it now projects earnings per share for 2001 in a range of $1.60 to $1.75 before one-time items and restructuring charges, a drop from prior guidance of $1.95 to $2.10 per share estimated on April 25. Analysts had pegged Donnelley’s 2001 earnings at $1.84.
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