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Tool makers top forecasts
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January 27, 2000: 10:21 a.m. ET
Black & Decker sets earnings records, while Stanley profits fall
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NEW YORK (CNNfn) - Black & Decker Corp. and Stanley Works, two leading tool manufacturers beat earnings beat fourth quarter earnings estimates Thursday.
Black & Decker reported record fourth quarter and full year profits and said it is well positioned to see 15 percent earnings-per-share growth in 2000.
Stanley, while it beat forecasts, was hurt by a drop in industrial mechanical tools sales due to difficulties installing a new distribution information system, which temporarily interrupted shipments.
Black & Decker beats forecast by 4%
In the quarter, Black & Decker earned $115.1 million, or $1.31 a diluted share. Analysts surveyed by First Call had expected $1.26 a share in the quarter. In the year earlier period it earned $98.1 million or $1.10 a diluted share, before a restructuring charge and gain from sale of a business that combined brought net income down to $91.6 million, or $1.03 a diluted share. Revenue in the quarter rose 6 percent to $1.3 billion.
For the year Black & Decker earned $300.3 million or $3.40 a diluted share. In 1998, the company reported income before special items and charges of $246 million or $2.63 a share. Including the items, Black & Decker posted a loss of $754.8 million or $8.22 per share. Revenue was $4.52 billion in 1999 down 1 percent from the $4.56 billion in 1998, due to divested businesses and currency effects.
Earnings fall at Stanley
For the fourth quarter Stanley reported a profit of $43.4 million, or 48 cents a share, before special items. However, that was slightly better than the consensus estimate of 46 cents a share. In the year ago period earnings before charges totaled $44.5 million, or 50 cents a share.
Net income including all special items came to $44.1 million, or 49 cents a diluted share, compared with $25.8 million, or 29 cents a share a year earlier. Revenue for the year rose 2 percent to $690.6 million.
For the year, the company's earnings before items and charges totaled $185 million or $2.06 a diluted share, compared with $193 million or $2.14 a diluted share, on the same basis in 1998. Net income was $150.0 million, or $1.67 a diluted share, compared with $137.8 million, or $1.53 a share in 1998.
Annual revenue rose 1 percent to $2.8 billion.
Shares of Black & Decker (BDK) were down 11/16 to 39 on Wednesday, while Stanley (SWK) fell 5/8 to 24-1/2. 
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