Tool maker Black & Decker's ( BDK) first-quarter earnings plunged by a 93%, as cash-strapped consumers cut back on home improvements. The company slashed its full-year outlook as a result.

For the first quarter ended March 29, net income fell to $4.9 million or 8 cents a share, from $67.4 million or $1.08 a share, a year ago.

Excluding restructuring charges, earnings were 22 cents a share. Analysts were expecting 8 cents a share.

Revenue fell 28% to $1.07 billion, a drop that included a 5% loss from foreign currency translation. Sales in the power tools and accessories segment decreased 23%, while hardware and home improvement saw a 19% drop.

The company lowered forecasts 2009 earnings in the range of $1.50 to $1.90 a share, expecting the weak demand seen in the first quarter to continue throughout the year. The company's earlier guidance had projected EPS of $1.75 to $2.25.

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