Power tool maker Black & Decker said Wednesday its fourth-quarter profit fell on expenses related to its $4.5 billion by New Britain tool giant Stanley Works.
Black & Decker has been hit by the recession and housing crisis, but said it “modest improvement” in many of its markets this year as the economy recovers.
Black & Decker’s earnings slipped 22 percent to $33.9 million, or 55 cents per share, compared with $43.7 million, or 72 cents per share, a year earlier.
Taking out expenses related to its acquisition by Stanley Works, profit was $1.24 per share.
Analysts polled by Thomson Reuters, whose estimates normally remove one-time items, expected a much smaller profit of 76 cents per share.
Stanley recently reported a $55.4 million fourth-quarter profit, compared to a $700,000 loss a year earlier.
The results were also well above Black & Decker’s prediction for earnings between 68 cents and 78 cents per share.
Meanwhile, both companies have set special shareholder meetings for March 12 to vote on the proposed merger.
Stanley shareholders will gather at its New Britain headquarters at 9 a.m. Black & Decker shareholders will meet at 9 a.m. at the Washington Dulles Airport Marriott. (AP)
