Black &Decker Corp., Towson, MD, reported sales for the fiscal year 2007 were up 2% to $6.6 billion. Profit for the year was $518.1 million, up from $486 million in the prior year.
For the fourth quarter 2007, sales were up 3% to $1.7 billion. Profit was $187.4 million, up from $95.7 million in the prior-year quarter.
Business conditions continued to deteriorate during the fourth quarter of 2007,” said Nolan D. Archibald, CEO. “For the year, U.S. housing starts were down approximately 25% and we encountered severe commodity cost pressure, both significantly worse that we expected early in 2007.
“… While demand in our U.S. markets has been weak, we are pleased with the outstanding results in our international businesses and our sixth straight …
Black & Decker: Housing Slump to Go Through 2008
Black &Decker Corp., Towson, MD, reported sales for the fiscal year 2007 were up 2% to $6.6 billion. Profit for the year was $518.1 million, up from $486 million in the prior year.
For the fourth quarter 2007, sales were up 3% to $1.7 billion. Profit was $187.4 million, up from $95.7 million in the prior-year quarter.
Business conditions continued to deteriorate during the fourth quarter of 2007,” said Nolan D. Archibald, CEO. “For the year, U.S. housing starts were down approximately 25% and we encountered severe commodity cost pressure, both significantly worse that we expected early in 2007.
“… While demand in our U.S. markets has been weak, we are pleased with the outstanding results in our international businesses and our sixth straight …
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