<p>Newell Rubbermaid Inc. said Tuesday it expects to post a fourth-quarter loss and lowered its 2003 and 2004 earnings estimates.</p><p>It also announced that it will eliminate 850 jobs in Wooster, Ohio, once the showpiece headquarters city of Rubbermaid Inc.</p><p>A tornado last month tore the roof of the factory and caused $20 million in damage, one of several factors in the decision to end plastics production at the facility, spokeswoman Keri Butler said.</p><p>The production lines to be eliminated make Totes containers, trash cans and food storage items. Some production will be moved to other North American plants.</p><p>The Atlanta-based company blamed its lowered forecast on soft sales, costs for ending product lines, the tornado damage and larger-than-expected inventory cuts.</p><p>Newell Rubbermaid said it now expects to post a fourth-quarter loss of 8 cents to 24 cents a share, compared with its Oct. 30 estimate for earnings of 32 cents to 40 cents a share.</p><p>Newell Rubbermaids exit from low-margin product lines was initially expected in 2004, but instead was completed this year, which hurt the companys sales.</p><p>Excluding items, Newell Rubbermaid expects to earn between 37 cents and 40 cents a share in the fourth quarter, down from its earlier forecast of 51 cents to 54 cents a share.</p><p>Analysts latest estimate called for the company to post earnings, excluding items, of about 51 cents a share for the fourth quarter, according to Thomson First Call.</p><p>For all of 2003, Newell Rubbermaid now expects to earn between 37 cents to 53 cents a share, or $1.46 to $1.49 a share excluding items.</p><p>In late October, the company projected 2003 net income of 92 cents to $1 a share, and earnings, excluding items, of $1.60 to $1.63 a share.</p><p>As for 2004, Newell Rubbermaid cut its earnings estimates to a range of $1.48 to $1.58 a share, excluding items, from its previous estimate of $1.60 to $1.68 a share.</p><p>Analysts expect earnings, excluding items, of $1.60 a share for 2003 and $1.62 a share in 2004, according to First Call.</p><p>In midday trading, Newell Rubbermaid shares fell 9.7 percent, or $2.22, to $20.75 on the New York Stock Exchange.</p>
