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Black & Decker said its first-quarter earnings declined steeply. Earnings for the quarter ended March 29 were US$4.9 million, compared to $67.4 million for the first quarter of last year.
Sales decreased 28% for the quarter to $1.1 billion, including a negative 5% impact from foreign currency translation.
Nolan D. Archibald, chairman and chief executive officer, said: "End-market conditions, particularly in Europe and the automotive industry, continued to deteriorate sharply in the first quarter. Therefore, Black & Decker's sales were lower than we had anticipated." Archibald said he expects the economic climate to continue to negatively impact business for the remainder of the year.
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