Black & Decker 3Q earnings fall 18 pct

The power tools manufacturer earned $85.8 million, or $1.42 per share, for the quarter, compared with $104.6 million, or $1.59 per share, a year earlier. The quarter included a $15.6 million pre-tax restructuring charge.

Revenue fell by 4 percent to $1.57 billion. Sales were boosted 3 percent by foreign currency translation.

Results easily beat the expectation of analysts surveyed by Thomson Reuters, who were looking for earnings of $1.29 per share on revenue of $1.53 billion.

But Black & Decker warned that the fourth-quarter will fall short of expectations. It sees earnings of 70 to 90 cents per share, compared with Wall Street's forecast of $1.13.

The company expects full-year profits of $5.20 to $5.40 per share, compared with analysts' $5.29 consensus estimate.

Nolan Archibald, the company's chief executive, said the third quarter was "very difficult," but sales met expectations despite weaker demand in the U.S. and Western Europe.

Sales of power tools and accessories fell by 6 percent. U.S. and European sales for the segment weakened, but Latin American sales rose in double-digits. Canada and Asia also increased sales.

Sales in hardware and home improvement were down 13 percent in the quarter ,while fastening and assembly systems fell by 2 percent.

The Towson, Md.-based company said it has no long-term debt maturing until 2011 and it's able to meet funding needs.