Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Black & Decker Profit Rises 15 Percent
Jul 25, 2003
 Printable format
 Email this Article
 Search

The Black & Decker Corp. said second-quarter earnings rose about 15 percent as a restructuring cut costs despite weaker sales. The maker of tools and other home improvement products had net income of U.S. $75.7 million, or $0.97 a share, compared with $66.1 million, or $0.81 a share, a year ago. Sales fell to $1.12 billion from $1.13 billion. Analysts were expecting sales of $1.15 billion.

Earlier this month, Parker/Hunter research director Lawrence Horan attributed the second-quarter sales slump at Black & Decker to the weakness in its industrial-fastener business and the loss of shelf space for faucets at Home Depot Inc. Black & Decker's U.S. sales of consumer and professional products each decreased at a high-single-digit percentage rate, as customers lowered their order levels to reduce inventory.
Black & Decker said it doesn't anticipate a sales improvement anytime soon, anticipating low-single-digit percentage sales declines for the third quarter and all of 2003.

In April, the company said it expected full-year 2003 sales to be flat with the $4.39 billion recorded in all of 2002. Under its restructuring plan, Black & Decker ceased production at both the Georgia Kwikset plant and the Maryland power tools plant. It said it expects savings of $35 million in 2003 and $40 million in 2004, which, combined with $25 million in 2002, will yield $100 million of total annualized savings. (Reuters)

Back to Daily News

 

Daily News

...........................................................

Nov 21, 2014: Electrolux: new U.S. fridge efficiency requirements are more complex than anticipated

Nov 21, 2014: Whirlpool brand launches Perceptions of Care video

Nov 21, 2014: Hon Hai 3Q profit $1 billion

Nov 21, 2014: Environmental Product Declarations for aluminum product types released

Nov 20, 2014: Report: Drop in affluents' consumer confidence may foretell signal trouble ahead for some retailers

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

November 2014: U.S. Appliance Industry: Market Value, Life Expectancy & Replacement Picture 2014
October 2014: Portrait of the European Appliance Industry
September 2014: Appliance Industry Focus: HVAC
June 2014: Appliance Magazine Market Insight: April 2014




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Plastics Today | Powder Bulk Solids | Canon Trade Shows