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Tool giant Black & Decker recorded second-quarter net earnings of $118 million, down 22.4 percent from $152.2 million in the same period last year. The earnings were at the high end of the company’s corporate guidance, according to a statement.
Sales were flat compared with last year at $1.7 billion.
"Black & Decker met our earnings expectations in the second quarter despite persistent challenges in the U.S. residential construction sector,” said Nolan Archibald, chairman and CEO. “Our international divisions...continued to deliver outstanding results, partially offsetting the domestic headwinds.”
Archibald said sales from the company’s power tools and accessories segment decreased 2 percent, while the company’s Price Pfister faucet business gained market share and grew sales at a double-digit rate.
“The Asian business and European industrial division continued to grow,” he added.
Archibald said the company predicts a continued weak housing industry “and significant commodity inflation [that] will continue to adversely affect our earnings comparisons.”