Black & Decker (BDK) Jumps On Surprise Beat

The Black & Decker Corporation (NYSE: BDK) is surging higher following better than expected earnings before the open. Shares are up 10% on strong volume.

Black & Decker reported Q2 EPS of $0.63, 26 cents better than the analyst estimate of $0.37. Revenue for the quarter was $1.19 billion, versus the consensus of $1.19 billion. Black & Decker sees FY09 EPS $1.65-$2.00, versus the consensus of $1.60. BDK sees FY09 sales down 24%. For Q2, BDK sees EPS of $0.35-$0.45, versus the consensus of $0.52.

Black & Decker said demand in their end-markets remained extremely weak in second quarter, but the company continued to actively reduce its cost base, and posted a better operating margin than they had projected.

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