Black & Decker Sales Decline 22% in 2009

For the fourth quarter, sales were $1.3 billion, down 6% from the prior year same period. Profit declined 22.4% to $33.9 million.

Fourth-quarter earnings reflect $58.8 million of pre-tax expenses related to the proposed merger with The Stanley Works in 2009 and a $20.8 million pre-tax restructuring charge in 2008.

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"While our end markets generally remain difficult, we benefited from improved economic activity in selected regions and businesses, as well as inventory restocking in some channels," CEO Nolan D. Archibald said. "As we prepare to merge with The Stanley Works, Black & Decker is well-positioned to take advantage of the economic recovery and to achieve profitable growth."

Sales in the Power Tools and Accessories segment decreased 11% for the quarter to $909.9 million. In the U.S. Industrial Products Group, sales declined approximately 20%, reflecting continued weakness in both residential and commercial construction. For the full year, sales in the Power Tools and Accessories segment decreased 19% to $3.47 billion.

Sales in the Hardware and Home Improvement segment decreased 4% for the quarter to $200.7 million. For the full year, sales decreased 15% for the segment to $755.4 million.

In the Fastening and Assembly Systems segment, sales decreased 2% to $154.9 million. For the full year, sales decreased 24% to $536.6 million, primarily due to the automotive industry collapse early in the year.