The pre-press giant, which had previously estimated full-year sales in the range of $263-270m (£172-177m) and an adjusted EBITDA of $60-68m, now expects earnings to be $57-60m on sales of $261-262m.
US-based X-Rite blamed the shortfall on the slowdown in the global economy, which chief executive Tom Vacchiano said had led to "an accelerating decline in demand, particularly in the fourth quarter of 2008".
"Large accounts have increasingly delayed projects and smaller end user accounts seemed to be waiting to see what will happen in the economy," he explained.
"Also, we observed that reseller partners took actions to trim their inventories due to the tight credit markets."
X-Rite hopes to deliver up to $20m in 2009 savings with its profit improvement plan, which includes accelerating the closure of its Viptronic group in Brixen, Italy.
Other measures include reduced work schedules and temporary layoffs for selected employee groups, as well as reduced executive compensation.
Vacchiano said that he was positive about X-Rite's future despite the current economic challenges.
"We have a strong market leadership position, great products and services, and the liquidity to manage through the anticipated downturn," he said.
X-Rite reins in 2009 estimates and announces redundancies
X-Rite has announced a range of cost-cutting measures including around 90 redundancies after downgrading its 2008 sales and earnings estimates.
