U.S. companies sharpen job-cutting shears as sales slow |
| Reuters - Oct 23, 2012 |
Faced with weakening revenue, two of the largest U.S. companies warned on Tuesday that they would cut jobs as a way of protecting their profits.
DuPont Co (DD.N) said it planned to lay off about 1,500 workers - roughly 2 percent of its global headcount - as the chemical company grapples with weakening demand from the construction and renewable energy sectors.
United Technologies Corp (UTX.N) did not specify the magnitude of the cuts it was considering, but said it would raise its full-year, restructuring budget by 20 percent to $600 million as demand for its military equipment declines.
Both companies, components of the widely watched Dow Jones industrial average finance/markets/index?symbol=us%21dji">.DJI, reported weaker-than-expected sales for the third quarter, following an overall trend. Of the companies in the broad Standard & Poor's 500 index .SPX that have reported results, 63 percent came in below analysts' revenue forecasts - well above the 38 percent sales-miss rate in a typical earnings season, according to Thomson Reuters I/B/E/S.
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- Posted: 2012-10-23 15:54:51
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