Despite sluggish sales of power tools and other lines in the fourth quarter, Towson-based Black & Decker Corp. reported higher profits for the quarter and for the year.
The company said yesterday that net earnings for the quarter were $6.8 million, or 11 cents a share, on revenues of $1.3 billion, compared to a loss of $3.2 million or a loss of 5 cents a share, on sales of $1.1 billion for the fourth quarter of 1989.
For the full year, net earnings were $51.1 million, or 84 cents a share, on revenues of $4.8 billion, compared with $30 million or 51 cents a share, on sales of $3.2 billion for the fiscal year ended Sept. 24, 1989. Starting in 1990, the power-tool company has changed its fiscal year-end from the last Sunday in September to Dec. 31.
Nolan D. Archibald, chairman and chief executive officer, said sales during the fourth quarter in the power tool and home improvement business and in the commercial and industrial businesses were sluggish in the United States, Canada,
Australia and the United Kingdom.
The company made progress toward reducing its debt loan by selling assets it had acquired when it bought Emhart Corp. in 1089.