Black & Decker have doubled their profits estimate for Q309 according to Reuters and they've cited the rebound in the housing market as the main factor.
Shares in the company have jumped 10% as a 24% decline forecast has turned into a 23% increase.
“Sales were modestly better than we had anticipated, due largely to earlier-than-expected shipments during the quarter of promotional items in the U.S. industrial power tools and accessories business, which were previously anticipated to occur in the fourth quarter,” Chief Executive Nolan Archibald said.
These results are very welcome at Toolstop and we have seen a similar upturn in the shipments we are making at the moment as signs of the UK and European housing markets continue to be positive.
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