Alltel to cut 1,000 jobs
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February 15, 2001: 9:50 a.m. ET
Telecom company reducing work force as part of wireless restructuring
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NEW YORK (CNNfn) - Telecommunication provider Alltel Corp. said Thursday it will cut 1,000 communications jobs, or nearly 4 percent of its work force, as part of a reorganization of its wireless business.
The Little Rock, Ark.-based company also adjusted its 2001 earnings guidance to between $2.85 and $3 per share. That's compared with the First Call analysts' consensus of $2.98 per share.
The company has 27,000 total employees, including 19,000 in the communications division, said Alltel spokesman George Smith. The job cuts will come through layoffs and early retirements, the company said.
"As we enter 2001, it is imperative that Alltel have a flexible and responsive organization that can compete aggressively," Alltel President and Chief Operating Officer Scott Ford said in a statement. "We must continue to simplify and streamline Alltel's entire organization to maintain customer and earnings growth in an increasingly competitive environment."
Alltel (AT: Research, Estimates) shares slipped 5 cents to $53.06 in early trading Thursday. The stock has traded between $47.75 to $74.87 over the past 52 weeks.
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