6309 Monarch Park Place, Suite 203
Niwot, CO 80503, USA
Phone (303) 443-5060
Toll free (888) 742-5060
"Looking forward, assuming continued weak economic conditions, we anticipate flat or slightly lower sales for the second quarter, excluding currency translation. For the full year, we expect roughly flat sales before currency translation, aided by second-half gains at Price Pfister. At current foreign exchange rates, these projections would translate to low single-digit sales growth for the second quarter and full year. We expect restructuring and Six Sigma savings to drive an increase in operating margin, and interest expense should be favorable to 2002. As a result, we expect diluted earnings per share to be in the $0.90-to-$0.95 range for the second quarter and in the $3.60-to-$3.75 range for the full year, excluding any remaining charges under the previously announced restructuring program. We continue to anticipate converting at least 80% of full-year net earnings to free cash flow.
"Black & Decker's strong financial performance reflects excellent execution of manufacturing and commercial initiatives. We continue to invest in brands, product development, and end-user relationships, and to successfully execute our restructuring program. By combining market leadership with operating excellence, Black & Decker is well positioned to continue delivering outstanding value to shareholders."