UPDATE 2-Black & Decker sees weak 2009, to cut 1,200 jobs
* Q4 adj EPS $0.97 vs est. of $0.70
* Sees Q1 sales down 20 pct
* Sees Q1, FY09 EPS below estimates
* To cut 1,200 jobs
* Shares fall 18 pct to a 7-yr low (Recasts; adds details from conference call, updates share movement)
Jan 29 (Reuters) - Tool maker Black & Decker Corp BDK.N warned of a double-digit fall in organic sales for the first three quarters of 2009 on weakening demand, and said it would cut 1,200 jobs, sending its shares down 18 percent to a seven-year low.
The company, which reported a better-than-expected fourth-quarter profit, said it expects first-quarter sales to drop about 20 percent on lower demand, likely retail inventory adjustments and unfavorable currency.
On Wednesday, another tool maker Stanley Works (SWK.N: Quotazione) posted better-than-expected quarterly results but declined to provide 2009 outlook, citing economic uncertainty.
Black & Decker sees earnings per share of 5 cents to 15 cents for the first quarter and $1.75 to $2.25 for 2009. Analysts were looking for 76 cents, before items, for the first quarter and $3.68 for the full year. Continua...