Oct. 23, 2008
Black & Decker Reports $1.42 Earnings Per Share for Third Quarter 2008; Declares Regular Quarterly Cash Dividend
The Black & Decker Corporation (NYSE: BDK) today announced that net earnings for the third quarter of 2008 were $85.8 million or $1.42 per diluted share, versus $104.6 million or $1.59 per diluted share for the third quarter of 2007. Net earnings for the third quarter of 2008 reflect a $15.6 million pre-tax restructuring charge ($12.6 million after-tax, or $.21 per diluted share), which was largely offset by other income and a lower-than-expected tax rate. Sales decreased 4% for the quarter to $1.6 billion, including a positive 3% impact from foreign currency translation. Free cash flow was $212 million for the third quarter and $258 million year-to-date. We anticipate a high single-digit rate of organic sales decline for the quarter, and an unfavorable impact from foreign currency translation. In addition, we expect incremental pressure on our operating margins and higher interest expense, compared to the run-rate through the third quarter. Therefore, we expect diluted EPS in the range of $.70-to-$.90 for the fourth quarter, and $5.20-to-$5.40 for the full year, excluding restructuring charges.
Sept. 5, 2008
Black & Decker Names Michael D. Mangan President of Worldwide Power Tools and Accessories Business and Stephen F. Reeves Chief Financial Officer
The Black & Decker Corporation (NYSE: BDK) today announced that Michael D. Mangan has been named Senior Vice President of the Corporation and President of the Worldwide Power Tools and Accessories business, reporting to Nolan D. Archibald, Chairman and Chief Executive Officer. Mr. Mangan has served as Senior Vice President and Chief Financial Officer for eight years. For the past two years, he has also had responsibility for the Fastening and Assembly Systems business. Previously, he had been Chief Financial Officer of The Ryland Group, Inc., and held leadership roles with the General Motors Corporation. The Corporation also announced that Stephen F. Reeves will succeed Mr. Mangan as Senior Vice President and Chief Financial Officer, reporting to Mr. Archibald. Mr. Reeves has served as Vice President -- Global Finance for the Power Tools and Accessories business for the past eight years, and previously served as Vice President and Controller of the Corporation for six years.
July 25, 2008
Black & Decker Reports $1.58 Earnings Per Share for Second Quarter 2008; Declares Regular Quarterly Cash Dividend
The Black & Decker Corporation (NYSE: BDK) today announced that net earnings for the second quarter of 2008 were $96.7 million or $1.58 per diluted share, versus $118.0 million or $1.75 per diluted share for the second quarter of 2007. Sales decreased 3% for the quarter to $1.6 billion, including a positive 5% impact from foreign currency translation. Free cash flow was $157 million for the second quarter and $46 million year-to-date.
Looking ahead, we recognize the challenging environment, and continue to expect a mid-to-high single-digit rate of organic sales decline for the third quarter and full year. Our cost reduction efforts remain on track, but the forecast for component inflation has increased somewhat since our April estimate. Therefore, we now expect full-year diluted EPS in the range of $5.25-to-$5.45 per share, excluding the first-quarter restructuring charge of $0.20 per share. For the third quarter, we expect diluted EPS in the range of $1.30-to-$1.40.
April 24, 2008
Black & Decker Announces First-Quarter 2008 Results; Declares Regular Quarterly Cash Dividend
The Black & Decker Corporation (NYSE: BDK) today announced that net earnings for the first quarter of 2008 were $67.4 million or $1.09 per diluted share, versus $108.1 million or $1.61 per diluted share for the first quarter of 2007. Excluding an $18.3 million pre-tax restructuring charge ($12.2 million after-tax), net earnings for the first quarter of 2008 were $79.6 million or $1.29 per diluted share. Sales decreased 5% for the quarter to $1.5 billion, including a positive 4% impact from foreign currency translation.
Looking ahead, our sales forecast has decreased since January. We now expect a mid-to-high single-digit rate of organic sales decline for the second quarter and full year. We are implementing more aggressive cost reduction plans, especially in the power tools business, to reflect this revised outlook. However, we do not expect these actions will fully offset the impact of lower volume and ongoing component inflation. Therefore, we are reducing our guidance for full-year diluted EPS to a range of $5.25-to-$5.65 per share, excluding the first-quarter restructuring charge of $0.20 per share. For the second quarter, we expect diluted EPS in the range of $1.40-to-$1.50.
Feb. 14, 2008
Black & Decker Declares Regular Quarterly Cash Dividend; Increases Share Repurchase Authorization by Two Million Shares
The Black & Decker Corporation (NYSE: BDK) announced that its Board of Directors declared a quarterly cash dividend of $0.42 per share of the Corporation's outstanding common stock payable March 28, 2008, to stockholders of record at the close of business on March 14, 2008. In addition, its Board of Directors increased the Corporation's authorization under its stock repurchase program by 2.0 million shares, leaving approximately 4.9 million shares authorized for repurchase.
Jan. 28, 2008
Black & Decker Announces Fourth-Quarter and Full-Year Results; Reports Record Free Cash Flow
The Black & Decker Corporation (NYSE: BDK) today announced that net earnings for the fourth quarter of 2007 were $187.4 million or $2.94 per diluted share, versus $95.7 million or $1.38 per diluted share for the fourth quarter of 2006. Net earnings for the fourth quarter of 2007 include the favorable $153.4 million effect of a previously announced tax settlement, a $31.7 million pre-tax charge for an environmental remediation matter, and a $19.0 million pre-tax restructuring charge. Excluding these three items, net earnings for the fourth quarter of 2007 were $67.4 million or $1.06 per diluted share.
For the full year 2007, net earnings were $518.1 million or $7.85 per diluted share, versus $486.1 million or $6.55 per diluted share for 2006. Excluding the three items identified in the previous paragraph, net earnings for the full year 2007 were $398.1 million or $6.03 per diluted share. Sales increased 3% during the quarter to $1.7 billion, including a positive 4% impact from foreign currency translation. For the full year, sales increased 2% to $6.6 billion, including a positive 3% impact from foreign currency translation. Free cash flow was a record $623 million for the year, up from $533 million in 2006. The Corporation repurchased 5.4 million shares of its stock in 2007 as well as an additional 2.0 million shares in early 2008. We expect diluted EPS in the range of $1.10-to-$1.20 for the first quarter and $5.40-to-$5.90 for the full year. We also expect to convert approximately 100% of full-year net earnings to free cash flow.
Dec. 14, 2007
Black & Decker Revises Earnings Guidance for Fourth Quarter and Full Year 2007
The Corporation expects to report net earnings per diluted share of approximately $3.39 for the fourth quarter of 2007 and $8.27 for the full year. Excluding the favorable effect of the tax settlement, it expects diluted EPS of approximately $1.03 for the fourth quarter and $6.00 for the full year. The Corporation will provide further details, as well as guidance for 2008, when it announces its fourth-quarter results in January.
Oct. 25, 2007
Black & Decker Reports $1.59 Earnings Per Share for Third Quarter 2007 and Free Cash Flow of $413 Million Year-to-Date
The Black & Decker Corporation (NYSE: BDK) today announced that net earnings for the third quarter of 2007 were $104.6 million or $1.59 per diluted share, versus the Corporation's guidance for $1.40-to-$1.45 per diluted share. Net earnings were $125.1 million or $1.74 per diluted share for the third quarter of 2006. Sales increased 1% for the quarter to $1.6 billion. Foreign currency translation had a positive 2% impact on sales. Free cash flow was $413 million year-to-date, versus $320 million for the first nine months of 2006. "Looking ahead, we do not expect near-term improvement in the U.S. housing industry or a particularly robust holiday season. However, we should benefit from new product launches and a favorable comparison to the fourth quarter of 2006, when our customers dramatically reduced their inventory levels. For the fourth quarter, we expect that sales will increase, with modest organic growth and positive foreign currency translation. We expect diluted EPS to increase in the fourth quarter, to a range of $1.55-to-$1.65 per share. Due to our third-quarter performance, we are raising our full-year guidance for diluted EPS to the range of $6.50-to-$6.60. We also expect to convert over 100% of full-year net earnings to free cash flow.
Oct. 17 2007
Black & Decker Increases Share Repurchase Authorization by Four Million Shares; Purchases 4.3 Million Shares in Third Quarter 2007; Declares Regular Quarterly Cash Dividend
The Black & Decker Corporation (NYSE: BDK) announced that its Board of Directors increased the Corporation's authorization under its stock repurchase program by 4.0 million shares. The Corporation repurchased approximately 4.3 million shares in the third quarter and 5.4 million shares year-to-date. With the additional shares authorized today, approximately 4.9 million shares remain authorized for repurchase. In addition, its Board of Directors declared a quarterly cash dividend of $0.42 per share of the Corporation's outstanding common stock payable December 28, 2007, to stockholders of record at the close of business on December 14, 2007.
July 26, 2007
Black & Decker Reports $1.75 Earnings Per Share for Second Quarter 2007 and Free Cash Flow of $300 Million Year-to-Date; Declares Regular Quarterly Cash Dividend
The Black & Decker Corporation (NYSE: BDK) today announced that net earnings for the second quarter of 2007 were $118.0 million or $1.75 per diluted share, at the high end of the Corporation's guidance for $1.70-to-$1.75 per diluted share. Net earnings were $152.2 million or $1.98 per diluted share for the second quarter of 2006. Sales were $1.7 billion, flat to the second quarter of 2006. Foreign currency translation had a positive 2% impact on sales. Free cash flow was $300 million year-to-date, versus $138 million for the first six months of 2006. "Looking ahead, we expect that the weak U.S. housing industry and significant commodity inflation will continue to adversely affect our earnings comparisons. For the third quarter, we again anticipate roughly flat sales, including favorable foreign currency translation. Due to ongoing margin pressure, we expect third-quarter diluted EPS in the range of $1.40-to-$1.45. For the full year, we now expect diluted EPS in the range of $6.35-to-$6.50. We also expect to convert at least 95% of full-year net earnings to free cash flow.
