EMC lowers 2009 guidance on $100M charge

AP News
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Posted: Nov 24, 2009 4:53 PM

Data storage company EMC Corp. has lowered its 2009 profit forecast because of a $100 million charge it will take this quarter from a restructuring of international subsidiaries.

The company says the restructuring won't result in layoffs.

EMC said in a filing with the Securities and Exchange Commission that its forecast for fourth-quarter earnings per share is now 16 cents, down from 21 cents previously. It expects to earn 50 cents per share for the full year, down from 55 cents.

Earnings excluding one-time events are projected to stay the same.

EMC shares were down 1.1 percent at $16.75 in extended trading after its disclosure Tuesday.