The Black &Decker Corp., Towson, MD, reported sales were down 3% to $1.6 billion in the second quarter 2008, including a positive 5% impact from foreign currency translation.
Profit for the second quarter of 2008 was $96.7 million, versus $118.0 million for the second quarter of 2007.
The manufacturer of power tools and accessories, hardware and home improvement products, and technology-based fastening systems said weak demand in the U.S. and slowing conditions in parts of Western Europe hurt results.
Power Tools and Accessories sales decreased 10% in the quarter. In the U.S. Industrial Products group, sales were down at a double-digit rate, and the U.S. Consumer Products Group saw a sales decrease of more than 25%.
In Europe, sales were down at a mid single-digit rate, partly offset by growth in Eastern Europe. Latin American sales were up more than 20% and operations in Canada and Asia also posted sales gains.
Sales in the Hardware and Home Improvement segment were down 5%. In the Fastening and Assembly Systems segment, sales were flat. North American sales decreased due to a sharp decline in automotive production levels. All other geographic regions posted strong growth.