met analysts' earnings expectations for the third quarter, but revenue fell 9% from the year-ago period.
The company reported net income for the latest third quarter of 14 cents a diluted share, compared with 40 cents a diluted share for the same period a year ago, excluding a tax benefit and a charge for the repurchase of debt.
Nine analysts were expecting the company to earn 14 cents for the latest quarter, according to
First Call/Thomson Financial
Revenue for the quarter slipped to $1.7 billion from $1.9 billion in the year-ago period. The company blamed the lower revenue on declining order activity, a seasonal slowdown of ClearPath systems sales, and the weakening euro.
The company plans to reduce its cost structure and will offer an early retirement incentive to about 1,500 U.S. employees. The company expects to take a pretax charge of about $200 million in the fourth quarter related to the early retirement and other actions.