October 24, 2008

The Black &Decker Corp., Towson, MD, reported profit for the third quarter of 2008 was $85.8 million, as decrease of 18% in a year-over-year comparison. Sales declined 4% for the quarter to $1.6 billion.
 
Sales for the first nine months ended Sept. 30, 2008, dropped 4% to $4.7 billion. Profit for the period declined 24.4% to $249.9 million.
 
In the Power Tools and Accessories segment, sales decreased 6% for the quarter, driven by weak demand for housing-related and discretionary goods in the U.S. and deteriorating economic conditions in Europe. Sales for the segment increased in Canada, Asia and Latin America.
 
Third quarter sales in the Hardware and Home Improvement segment decreased 13%.
 
The Fastening and Assembly Systems segment saw …

Snap-on Inc., Kenosha, WI, manufacturer of tools, diagnostics, equipment, software and service products for professional users, reported sales of $697.8 million for the third quarter of 2008, an increase of 17.1% over the prior year. Profit improved 32.8% to $54.6 million.
 
For the nine months ended Sept. 27, 2008, sales were $2.2 billion, an increase of 4.2% over the same period a year ago. Profit increased 43.7% to $178.1 million.
 
The Commercial &Industrial Group segment sales were $338.1 million, up 3.1% from the prior year. Excluding $12.4 million of currency translation, sales declined $2.2 million year-over-year as continued growth in emerging markets, contributions from increased sales of power tools, higher sales of tools, kits and tool storage …

Builders FirstSource, Inc., Dallas, TX, reported a net loss of $18.9 million on sales of $288.3 million for the third quarter ended Sept. 30, 2008. These results compare to a net loss of $12.0 million on sales of $413.9 million for the same period the prior year.
 
 Our industry is facing unprecedented times. Annualized housing starts in September 2008 fell to 817 thousand units, the lowest level since 1958 based on currently available data from the U.S. Census Bureau. Additionally, the credit markets supporting mortgages and commercial lending were virtually frozen at the end of the quarter as a result of the financial crisis affecting our country. This contraction in lending could further damage already weak housing conditions,” said Floyd Sherman, CEO. …