Power tool maker Black & Decker Corporation announced that net earnings from continuing operations for the third quarter of 2005 were a record U.S. $140.3 million, or $1.73 per diluted share, versus $111.3 million, or $1.35 per diluted share, in the third quarter of 2004.
Sales from continuing operations increased 23 percent to $1.58 billion. The company said its Porter-Cable and Delta Tools Group acquisition contributed 17 percent to sales for the quarter.
Nolan D. Archibald, chairman and CEO, said, "All three of our segments increased sales for the eighth consecutive quarter and posted double-digit rates of growth in operating profits. Our Power Tools and Accessories segment again led the way, increasing operating profit by 24 percent. Despite facing continued raw material inflation and challenging comparisons to prior-year results, we extended our track record of outstanding performance."
Black & Decker reported sales in the Power Tools and Accessories segment increased 31 percent and its U.S. consumer business grew at a double-digit rate, reflecting strong orders for new lasers, screwdrivers and accessory sets. New miter saws, tile cutters and angle grinders helped the U.S. DEWALT business deliver solid sales growth for the quarter, as well as a double-digit growth rate for the year-to-date, according to the company.
The company said it expects operating margin to increase, resulting in diluted earnings per share from continuing operations in the range of $1.85 to $1.90 for the fourth quarter and $6.82 to $6.87 for the full year.
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