Updated from 8:28 a.m. EDT
Contact lens maker
Bausch & Lomb
warned Wall Street Thursday that its fourth-quarter and 2001 earnings would be lower than previously projected, due to a weak euro and increased investments in research and development.
The Rochester, N.Y.-based company said its fourth-quarter earnings will be 8 to 10 cents below the Wall Street analyst consensus estimate of 83 cents a share, according to
First Call/Thomson Financial
"Currency will also negatively impact our expectations for next year," William Carpenter, the company's chairman and chief executive, said in a statement.
Bausch & Lomb revised downward its earnings projections for next year, to between $2.70 and $2.75 cents a share compared with a consensus estimate of $2.86 per share.
At the same time, the company said it was slashing 450 non-manufacturing jobs over the next several months, part of a restructuring plan aimed at cutting costs.
The announcement of the job cuts and earnings warnings came in a press release announcing the company's third-quarter earnings, which matched Wall Street estimates of 70 cents a share.
Bausch & Lomb closed Thursday regular trading down $1.56, or 4%, at $37.50.