Power tool maker The Black & Decker Corporation announced that net earnings from continuing operations for the fourth quarter of 2004 were a record U.S. $133.7 million, or $1.60 per diluted share, versus $96.2 million, or $1.23 per diluted share, in the fourth quarter of 2003.
For the full year 2004, net earnings from continuing operations were a record $441.1 million, or $5.40 per diluted share, versus $287.2 million, or $3.68 per diluted share, in 2003. Sales from continuing operations increased 29 percent for the quarter to a record $1.73 billion, and increased 20 percent to a record $5.40 billion for the full year.
According to the company, sales in the Power Tools and Accessories segment increased 33 percent for the quarter, including 7 percent in existing businesses. For the full year, sales in the Power Tools and Accessories segment increased 15 percent.
"Popularity of our cordless tools, lasers, and measurement products, including the new AutoTape(TM) automatic tape measure, drove the increase for the Black & Decker consumer business," Nolan D. Archibald, chairman and CEO of Black & Decker, said. "DEWALT led our sales gains in Europe, with higher sales of hammers and new products including the cordless nailer."
The company also announced that it expects its acquisition of the Porter-Cable and Delta Tools Group to add $0.40 to earnings per share and anticipates a fourth straight year of double-digit growth. For the full year, diluted earnings per share from continuing operations are expected to be in the range of $5.95 to $6.10.
"We believe 2005 presents additional opportunity for growth," Mr. Archibald said. "Our strategy is working, and we will focus on executing that strategy to deliver superior returns to our investors."
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