Towson-based Black & Decker Corp. has posted third-quarter earnings of $18 million, or 30 cents a share, compared with a loss of $29 million, or 49 cents a share, in the same period last year. Revenues rose 21 percent to $1.27 billion, compared with $1.05 billion a year ago.
For the first nine months, the power-tool maker reports earning $44.3 million, or 73 cents a share, on sales of $3.5 billion, compared with a loss of $8.3 million, or 14 cents a share, on sales of $2.47 billion in the period last year.
Last year's results include a one-time after-tax charge of $21.4 million, or 36 cents a share, for termination of interest-rate swaps.
Black & Decker's performance is a result of improved manufacturing efficiency, a clampdown on spending and increased savings associated with the integration of Emhart after its acquisition, said Nolan D. Archibald, chairman and chief executive officer.
He said international sales remained strong, despite a slowdown in the United States. Also performing well were the locks and hardware business and the industrial and commercial units.
The corporation announced a regular quarterly dividend of 10 cents a share to be paid on Dec. 28 to stockholders of record on Dec. 14.