Power tool maker The Black & Decker Corporation announced that net earnings from continuing operations for the second quarter of 2005 were U.S. $154.0 million, or $1.88 per diluted share, versus $121.8 million, or $1.50 per diluted share, in the second quarter of 2004.
Sales from continuing operations increased 31 percent for the quarter to a record $1.7 billion. The Porter-Cable and Delta Tools Group acquisition contributed 20 percent to sales for the quarter.
According to Black & Decker, sales in the Power Tools and Accessories segment increased 35 percent for the quarter. The U.S. DEWALT business grew sales at a double-digit rate, reflecting sales of cordless products and construction tools. The U.S. Black & Decker consumer business posted a slight increase in sales, reflecting growth in lawn and garden and home products. Despite economic weakness in the region, European sales increased at a low single-digit rate.
The company said that it expects sales growth in the mid-single-digit range in the second half of the year and a full-year sales growth rate above 20 percent. For the full-year, diluted earnings per share are expected to range from $6.70 to $6.80.
"Black & Decker had another great quarter, and we remain confident that our momentum is sustainable. We have established a track record of improving our businesses and meeting competitive challenges, and expect to extend our outstanding growth trend," Nolan D. Archibald, chairman and CEO, said. "We continue to generate significant free cash flow, and plan to create additional value for shareholders through compelling bolt-on acquisitions, share repurchases, and a competitive dividend. Our strategy is working, and we will focus on executing that strategy to deliver superior returns to our investors."
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