UPDATE 3-Black & Decker profit better than expected, shares up
* Q1 EPS $0.22 ex items vs Street view of $0.08
* Sees 2009 shr $1.50-$1.90 ex items
* Sees Q2 shr $0.35-$0.45
* Shares up 7 percent
(Recasts; adds details from conference call, updates share movement)
April 23 (Reuters) - Tool maker Black & Decker Corp (BDK.N: Quote, Profile, Research) posted a better-than-expected adjusted quarterly profit, helped mainly by cost cutting, but cut its 2009 earnings outlook as it sees continued weakness in its end markets.
On a conference call with analysts, the company said it cut about 1,500 positions during the quarter and that its current employment level was about 20 percent lower compared with the end of 2007.
The recent restructuring generated about $15 million in savings in the first quarter, the company said.
Black & Decker, which also makes home-improvement products, said it has identified a further $15 million reduction in capital spending for the year. Continued...
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