The Black & Decker Corporation today announced that net earnings from continuing operations for the third quarter of 2006 were U.S. $125.1 million or $1.74 per diluted share, a 3 percent increase over $1.69 per diluted share in the third quarter of 2005. Sales from continuing operations increased 2 percent for the quarter to $1.6 billion. The acquisition of Vector Products, Inc. contributed 3 percent to sales in the quarter, and foreign currency translation had a positive 1 percent impact. Free cash flow was $183 million for the quarter and $320 million year-to-date, an increase of $130 million versus the first 9 months of 2005.
The corporation repurchased approximately 6.1 million shares in the third quarter, at an average price of approximately $71 per share, and has repurchased approximately 10.1 million shares year-to-date. The corporation also announced that its board of directors increased the corporation's authorization under its stock repurchase program by 3.0 million shares, leaving approximately 4.9 million shares authorized for repurchase. In addition, the board declared a quarterly cash dividend of $0.38 per share of the corporation's outstanding common stock payable Dec. 29, 2006, to stockholders of record at the close of business on Dec. 15, 2006.
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