Toolmaker Black & Decker ( BDK) on Tuesday drilled a hole through analysts' earnings expectations, issuing sharply higher guidance for the first quarter.

The Maryland-based company forecast earnings of 90 cents to 93 cents a share, vs. its prior guidance of 65 cents to 70 cents a share. The consensus estimate was for 69 cents a share. The company earned 55 cents a share in the year-ago period.

The company said strong demand in its North American businesses would mean growth of 16%, or mid single-digit growth excluding currency translation and acquisitions.

The company reports quarterly results April 20.

Shares rose $1.44, or 2.5%, to $59.44, a new 52-week high.