TOWSON, Md., April 12 /PRNewswire-FirstCall/ -- The Black & Decker
Corporation (NYSE: BDK) today announced that, due to continuing strong sales,
especially in its North American Power Tools and Accessories business, the
Corporation expects to report 15% sales growth for the first quarter of 2005,
excluding currency translation and acquisitions. Including currency
translation and acquisitions, it expects to report sales growth of 39%.
As a result, the Corporation expects that first-quarter diluted earnings
per share from continuing operations will be in the range of $1.33-to-$1.35,
excluding the favorable impact of an insurance settlement. This represents an
increase from previous guidance of $1.05-to-$1.10 and versus $0.93 in the
first quarter of 2004. The Corporation expects that the increase in earnings
guidance for the first quarter will increase full-year results by a similar
amount, and is comfortable with securities analysts' mean EPS estimate of
$1.67 for the second quarter.
As indicated above, the Corporation received a cash payment of
approximately $55 million in March resulting from settlement of environmental
and product liability coverage litigation with an insurer. The positive
impact of this settlement on first-quarter diluted earnings per share will be
approximately $0.43. Including the insurance settlement, the Corporation
expects first-quarter diluted earnings per share from continuing operations to
be in the range of $1.76-to-$1.78.
The Corporation will discuss the outlook for the remainder of 2005 in
further detail during a conference call on Thursday, April 28, 2005, following
the release of its first-quarter 2005 results. The call is scheduled to begin
at 10:00 a.m., E.T., and will be webcast "live" over the Internet. Investors
can listen to the call by visiting http://www.bdk.com and clicking on the icon
labeled "Live Webcast." It is recommended that listeners log-in at least ten
minutes prior to the beginning of the call to ensure timely access. A webcast
replay of the conference call will be available at http://www.bdk.com.
This release includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. By their nature, all forward-looking statements involve
risks and uncertainties. For a more detailed discussion of the risks and
uncertainties that may affect Black & Decker's operating and financial results
and its ability to achieve the financial objectives discussed in this press
release, interested parties should review the "Forward-Looking Statements"
sections in Black & Decker's reports filed with the Securities and Exchange
Commission, including the Annual Report on Form 10-K for the fiscal year ended
December 31, 2004.
This release contains non-GAAP financial measures within the meaning of
Regulation G promulgated by the Securities and Exchange Commission. The
Corporation believes that these non-GAAP financial measures are appropriate to
enhance the understanding of its past performance as well as prospects for its
future performance. The reference in this press release to an expected 15%
sales growth for the first quarter of 2005 excludes expected increases of 22%
from acquisitions and 2% from currency translation.
Black & Decker is a leading global manufacturer and marketer of power
tools and accessories, hardware and home improvement products, and technology-
based fastening systems.
SOURCE The Black & Decker Corporation
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Related links:
http://www.bdk.com
Company News On-Call: Black & Decker press releases
available through http://www.prnewswire.com/comp/235329.html
CONTACT:
Barbara B. Lucas, Senior Vice President,
Public Affairs, +1-410-716-2980, or Mark M. Rothleitner, Vice
President, Investor Relations and Treasurer, +1-410-716-3979,
both of The Black & Decker Corporation
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