Global Fastener News

Black & Decker Earnings Drop 46%; Fastener Sales Decline Slightly

John Wolz

Black & Decker Corporation reported that net earnings for the third quarter of 2001 were $46.2 million, compared with $86.3 million for the same period of 2000.
Sales for the third quarter of 2001 were $1.06 billion, down 6% from the $1.13 billion for the same period last year. Sales declined 4% excluding the effects of foreign currency translation.
CEO Nolan Archibald said “difficult economic conditions that we experienced during the first half of 2001 continued through the third quarter. Despite weaker-than-expected sales, earnings were within the
range that we had projected.”
Sales in the Fastening & Assembly Systems segment declined slightly in the third quarter. Higher sales in the automotive sector were more than offset by continued weak sales in the industrial sector. Automotive
sales were higher due to the acquisition of the automotive division of Bamal Corporation in North America and sales growth in Europe and Asia.
A decline in operating profit for the quarter reflected pricing pressure and sales of lower-margin products. \ �2001 FastenerNews.com