CheckFree Raises Guidance, to Cut 450 Jobs

CheckFree(CKFR Quote) raised its quarterly earnings guidance and said it will cut 450 jobs, resulting in cost savings that will produce further earnings enhancement. Including the charges associated with the layoffs, however, the company will post a loss in the third quarter.

The Atlanta-based provider of electronic bill payment, banking and other online services, said it expects to earn 3 cents to 5 cents a share in the third quarter, slightly above analysts' forecasts, citing improved operating efficiency. The quarter ends March 31.

The company also expects lower costs, including the job cuts, to raise its fiscal fourth-quarter 2002 estimates by 3 cents a share and full-year 2003 estimates by 20 cents a share. ...