The Black & Decker Corp. reported a 23% sales loss for 3Q 2009. Net earnings for the quarter were US$55.4 million.
Nolan D. Archibald, chairman and CEO, said that sales in the Power Tools and Accessories segment decreased 21% for the quarter versus the prior year. Sales decreased about 20% in the U.S. Consumer Products Group. "In comparison to the second quarter, this business was negatively affected by lower shipments of lawn and garden products, as expected," he said. He added that sales declined in most other parts of the world, with a 30% decline in Canada and a mid-single-digit rate of decrease in Latin America.
Archibald said that the company anticipates "continued stabilization of demand, but not a near-term rebound. We expect fourth-quarter sales similar to the third-quarter level, which would represent a double-digit rate of year-on-year decline."
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