HOPKINTON, Mass. (
has lowered its fourth-quarter and full-year guidance ahead of a $100 million restructuring charge.
EMC, which competes with
, revealed the change in an
Securities and Exchange Commission
filing on Tuesday.
is revising its fourth-quarter GAAP earnings outlook from 21 cents a share to 16 cents and its full-year projection from 55 cents a share to 50 cents.
The charge will be incurred as part of a reorganization in EMC's international business. Specifically, this involves transferring certain assets from the firm's
acquisitions into a single EMC international holding company. EMC expects the restructuring to be completed in 2010.
Excluding items EMC reaffirmed its previous guidance, predicting fourth-quarter earnings of 30 cents a share and full-year earnings of 87 cents.
Analysts surveyed by Thomson Reuters have forecast fourth-quarter earnings of 30 cents a share and 88 cents for the fiscal year.
beat analysts' estimates in its recent
results, buoyed by cost-cutting efforts and an a more confident IT
EMC shares dipped 15 cents, or 0.89%, to $16.79 in extended trading.
-- Reported by James Rogers in New York