Jason Sandefur

Despite a “steep decline” in U.S. automotive production, sales at Black & Decker’s Fastening and Assembly Systems segment increased 4% to $186.5 million during the first quarter of 2008. Fastener profit edged up slightly to $28.9 million.
“International (fastener) operations posted outstanding sales, including double-digit growth rates in Asia and Brazil, and a mid single-digit growth rate in Europe,” the company stated.
Overall Q1 sales slipped 5% to $1.5 billion, while net earnings dropped 37% to $67.4 million. Black and Decker said it is implementing more aggressive cost reduction plans after lowering its earnings forecast for the remainder of 2008.
“Today’s business climate, including the housing downturn and related credit tightening, poses one of the toughest challenges Black & Decker has faced in many years,” the company warned. Web: bdk.com �2008 FastenerNews.com