ACT Manufacturing( ACTM) posted worse-than-expected third-quarter results and said it had reduced its workforce by about 1,800 in recent months.
The Hudson, Mass., electronics maker said it earned a pro forma $538,000, or 3 cents a share, in the quarter, short of the analyst consensus estimate of 6 cents a share. After various items, the company lost $24.1 million, or $1.41 a share, on revenue of $226 million.
The company said it has pared its workforce to about 5,000 by cutting 1,000 jobs in October and 853 more positions in the third quarter. ACT also said it was negotiating with its bank syndicate for "required consents and amendments as well as to address required liquidity" and didn't rule out asset sales.