7/25/2009
NEWS BRIEFS
Black & Decker Reports Q2 Fastener Sales & Profit
Black & Decker reported fastener sales decreased 32% to $124.8 million during the second quarter of 2009, while segment profit plunged 75% to $7.3 million. Fastener operating margins decreased to 5.8% due to the sales decline.
“The automotive industry remained depressed, especially in the U.S., and our results were consistent with global production rates. Industrial distributors continued to de-stock during the quarter, exacerbating a weak demand environment, particularly outside North America,” stated CEO Nolan Archibald.
During the first six months of 2009 fastener sales fell 33% to $248.9 million, with segment profit off 83% to $9.7 million.
Overall Q2 sales declined 27% to $1.2 billion, while net earnings were down 60% to $38.3 million.
Black & Decker anticipates a 24% sales decline for the full year, buoyed by “some stabilization in the automotive industry” during the fourth quarter. ©2009 GlobalFastenerNews.com
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