Donnelley Lowers

CHICAGO—It seems R.R. Donnelley & Sons is hedging its earnings bets on the second half of 2001, and the Windy City printing giant also announced an additional round of layoffs and a plant closing. The second warning this year dropped the projected earnings per share from $1.95 to $2.10 down to $1.60 to $1.75. The initial estimate in January called for earnings of $2.20 to $2.35 per share. Donnelley management cited weaker than anticipated demand in the second half of the year and short-term pricing pressures as the primary factors. The ax is falling again in the Donnelley chain, but these cuts won't affect manufacturing assets.

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