4/30/2009
NEWS BRIEFS
Black & Decker Reports Q1 Fastener Sales
Fastening and Assembly Systems sales at Black & Decker Corp. decreased 34% to $124.1 million in the first quarter of 2009, while segment profit plunged 91% to $2.4 million.
“Sales to the global automotive industry fell nearly 40%, slightly less than the decline in automotive production,” the company reported. “Sales were also down sharply in the industrial business, as global manufacturing slowed significantly.”
Overall Q1 sales declined 28% to $1.07 billion, with net income shrinking 92% to $4.9 million.
“We expect that the weak demand we saw in the first quarter will continue (to) decline in the second quarter at a rate similar to the first quarter,” the company stated. “For the full year, we expect a sales decline of approximately 20%.”
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