Printer Friendly

BLACK & DECKER'S THIRD QUARTER EARNINGS TO BE IN SECOND QUARTER RANGE

BLACK & DECKER'S THIRD QUARTER EARNINGS TO BE IN SECOND QUARTER RANGE
    TOWSON, Md., Sept. 23 /PRNewswire/ -- The Black & Decker Corporation (NYSE: BDK) announced today that it expects net earnings for the third quarter of 1992 to be in the range of the $12 million earned in the second quarter.
    The company attributed the stalled earnings growth to a continuation of unfavorable trends that have persisted throughout the year, including economic deterioration in Europe and other international markets, overcapacity in the worldwide electronics industry served by Dynapert, and lower-than-expected results in PRC's commercial business.
    Commenting on the company's outlook for the quarter, Nolan D. Archibald, chairman and chief executive officer, said, "Our U.S. power tools, accessories, security hardware, and plumbing products businesses continue to have healthy year-to-year sales gains, while household product sales are expected to trail last year's levels.  Our commercial businesses, except Dynapert, are also tracking reasonably well in the U.S.
    "In contrast to consistent sales improvement that we have seen this year in most U.S. operations, however, sales in Europe have been disappointing.  The high interest rate environment, together with currency and trade issues throughout Europe, continue to keep pressure on our consumer and commercial businesses during the current quarter. Improvements in our U.S. operations will not fully compensate for lower sales and production volume in Europe.
    "Although consumer sales remain weak in Europe, we are maintaining, and in some cases, increasing our respective market shares.  We are also maintaining our leading global share position in glass container-making equipment, but an anticipated strengthening of that business in Europe and the Far East has not occurred.
    "Earnings in the quarter will also reflect investments associated with building PRC's commercial base.  We believe that this strategic investment will strengthen PRC's revenue mix over the long term.
    "We expect our consumer businesses, particularly in the U.S., to demonstrate good seasonal growth in the fourth quarter.  Our DeWalt professional tool line remains an unqualified success, and Kwikset's recent introduction of a new mid-price lockset range also promises to be a substantial source of sales growth as we move into 1993."
    Black & Decker is a global marketer and manufacturer of quality products used in and around the home and for commercial applications and a major supplier of information systems and services to government and commercial clients.
    /delval/
    -0-                        9/23/92 R
    /CONTACT:  Barbara B. Lucas, vp-Public Affairs of Black & Decker, 410-716-2980/
    (BDK) CO:  Black & Decker Corporation ST:  Maryland IN:  HOU SU:  ERP 417 09-23-92 08:47 EDT MP -- PH001 -- 2793 09/23/92 16:19 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 23, 1992
Words:429
Previous Article:CHRYSLER TARGETS SENIORS IN SEDAN INCENTIVE PROGRAM
Next Article:KAUFMAN AND BROAD REPORTS THIRD QUARTER EARNINGS OF $5.9 MILLION
Topics:


Related Articles
BLACK & DECKER REPORTS SALES AND EARNINGS GAINS IN SECOND QUARTER; DECLARES QUARTERLY DIVIDEND
BLACK & DECKER'S THIRD QUARTER EARNINGS TO BE IN SECOND QUARTER RANGE
BLACK & DECKER REPORTS 1992 FINANCIAL RESULTS; FILES DEBT SHELF REGISTRATION; DECLARES QUARTERLY DIVIDEND
BLACK & DECKER REPORTS CONTINUED IMPROVEMENT IN SECOND QUARTER SALES AND EARNINGS
BLACK & DECKER REPORTS FIRST QUARTER EARNINGS
THIRD QUARTER EARNINGS PER SHARE INCREASE 55 PERCENT AT BLACK & DECKER; QUARTERLY DIVIDEND DECLARED
Black & Decker Reports Sales Gain in Third Quarter; Earnings Per Share Increase 26 Per Cent
B&D results rise in quarter.
Windmere-Durable Holdings, Inc., Reports Record Financial Results for 1999 Third Quarter.
Black & Decker Lowers Earnings Expectations for Fourth Quarter 2000 and for 2001.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters