Towson, Md.-based Black & Decker reported net earnings of $85.8 million for the third quarter, down 18 percent from $104.6 million for the third quarter of 2007. Earnings reflect a $15.6 million pre-tax restructuring charge.
Sales for the quarter were $1.57 billion, down 4 percent from 1.63 billion in the year-ago period.
"Black & Decker generated solid earnings and cash flow in a very difficult business environment this quarter,” said Nolan D. Archibald, chairman and CEO. “Sales met our expectations despite weakening economic conditions in the U.S. and Western Europe. The actions we took earlier in the year to reduce costs helped our results this quarter, and we are taking additional steps in light of recent macroeconomic developments.”
In the company’s power tools and accessories, hardware and home improvement, and fastening and assembly systems segments, sales decreased 6 percent, 13 percent and 2 percent, respectively.