Black & Decker Fastener Sales & Profit Increase
Black & Decker Fastener Sales & Profit Increase
Jason Sandefur
Black & Decker Corp. announced that Fastening and Assembly Systems sales for the fourth quarter of 2003 rose 4% to $134.6 million, while operating profit climbed 5% to $20.9 million. The segment had gains in all geographic regions of both the automotive and industrial markets.
For 2003, fastener sales increased $900,000 to $514.2 million, while operating profit dipped 1% to $73.9 million. CEO Nolan Archibald said the full year results represented �solid performance despite lower automotive production and a sluggish industrial marketplace.�
Overall, Black & Decker reported Q4 net earnings soared 31% to $99.5 million on sales of $1.34 billion, an 11% increase.
For the year, sales from continuing operations improved 4% to $4.48 billion, while net income gained 27% to $293 million. Strong earnings and lower working capital helped Black & Decker generate a 33% increase in free cash flow to a record $480 million during 2003. Web: bdk.com �2004 FastenerNews.com
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