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Earnings Analysis: 
Black & Decker Earnings Drop 9%
Author: 123jump.com Staff
123jump.com
Last Update: 2:02 PM EDT October 26 2006



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Black & Decker’ third-quarter earnings declined 9% as weaker demand and ongoing cost pressures offset slight revenue growth. MBIA third-quarter earnings rose 54% from a year-ago period that included big settlement charges. NYSE Group reported tripled third-quarter profit on higher fees generated from its acquisition of the Archipelago electronic exchange. Lennox International''s third-quarter profit dropped 35%, hurt by weakness in the residential new construction market.

 
Black & Decker Corp. (BDK: chart), power tools and accessories maker, reported third-quarter net income of $125.1 million, or $1.74 per share down from $137.8 million, or $1.70 per share in the year-earlier period. Revenue climbed 2% in the last three months to $1.61 billion from $1.58 billion in a year earlier period.

Lennox International Inc. (LII: chart), heating, cooling and refrigeration systems maker, reported third-quarter earnings of $35.6 million, or 49 cents per share, from $55.1 million, or 76 cents per share, down 35% compared to the same period a year earlier. Revenue climbed to $1.01 billion from $927.5 million in the year-ago period, as weakness in the residential new construction market was offset by growth in company’s replacement businesses.

NYSE Group Inc. (NYX: chart), the parent of the New York Stock Exchange, reported third- quarter profit of $68 million, or 43 cents per share from $22 million, or 19 cents per share, more than doubled compared to the year-ago net income. Revenue in the quarter increased 33% to $602.9 million, versus $452.4 million last year.

MBIA Inc. (MBI: chart), the holding company for MBIA Insurance Corp., said that its net income rose to $217.9 million, or $1.59 per share, from $141.8 million, or $1.04 per share, a year ago, which included a $75 million settlement-related accrual. Total insurance revenue jumped to $393.1 million from $338.4 million last year.
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