The Black & Decker Corporation (BDK) is expected to report Q2 earnings before market open Friday, July 25, with a conference call scheduled for 10:00 a.m. ET.
Analysts are looking for a profit of $1.42 on revenue of $1.6B. The consensus range is $1.36 to $1.46 for EPS, and revenue of $1.51B to $1.64B, according to First Call. In April, Black & Decker reduced its Q2 EPS forecast to $1.40 to $1.50 and its FY08 EPS forecast to $5.25 to $5.65 vs. First Call consensus of $5.30.
In a July 1 research note, a Baird analyst said that the outlook for the U.S. residential remodeling market has deteriorated, in view of the recent rise in fuel costs, declining home prices and deteriorating consumer spending trends. The analyst, who reduced Black & Decker's target price to $65 from $69, said the company's earnings continue to be negatively impacted by the rise in global commodity costs. Additionally, an analyst at UBS reduced Black & Decker's target to $60 from $72. The analyst, who maintained a Neutral rating, cited deteriorating home improvement demand for the lowered estimates.