( dpa ) - US electronic tool manufacturer Black & Decker said Monday it recorded profits in the fourth quarter of 2007 on a tax credit.
The Towson, Maryland-based firm suffered under expensive recall actions and costs for environmental damages and restructuring. Its sales were also hurt in the US as the weaker housing market cut demand. Black & Decker would have seen profits shrink nearly a third to 67.4 million dollars in the quarter were it not for the tax credit.
Instead, it earned 187.4 million dollars, or 2.94 dollars per share, up from 95.7 million dollars, or 1.38 dollars per share, in the year-earlier period.
Sales increased 2.5 per cent to 1.7 billion dollars, with especially strong growth in Europe and Latin America helped by the weaker US currency.
Black & Decker chief executive Nolan Archibald said he expects the weak US housing market to continue into 2008, causing slowing sales growth.
For 2007, profits rose 7 per cent to 518 million dollars and revenues grew nearly 2 per cent to 6.6 billion dollars.