Monster Worldwide (MWW) Tops Q4 EPS by 1c; Announces Cost-Savings Initiatives

Monster Worldwide (NYSE: MWW) reported Q4 EPS of $0.07, $0.01 better than the analyst estimate of $0.06. Revenue for the quarter came in at $186.2 million versus the consensus estimate of $192.62 million.

Reallocate to Accelerate

Monster today announced a series of cost savings initiatives to reduce costs globally while continuing to support our new strategy. The initiatives currently include a global workforce reduction of approximately 300 associates, or 7% of its full-time staff, consolidation of certain office facilities, and continuing discretionary-spending and office and general expense controls. The Company expects these reductions to result in annualized savings of approximately $38 million to $45 million, with the full impact of that savings beginning in the fourth quarter of 2015.

As a result of these initiatives, Monster expects to record a cumulative pre-tax charge within the range of $18 million to $23 million, all of which is expected to be cash expenditures. The majority of the associated charges are expected to be recorded in the first half of 2015.

Monster Worldwide sees Q1 2015 EPS of $0.05-$0.09, versus the consensus of $0.07.

For earnings history and earnings-related data on Monster Worldwide (MWW) click here.

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