Stanley sales climb 6%
Stanley Black & Decker said its net sales for the third quarter were $2.8 billion, up 6% versus prior year.
Organic revenues in North America increased 1%, largely due to strength in CDIY, while organic revenues in the emerging markets increased 10%, slightly below expectations primarily due to slowing markets in China, and organic revenues in Europe across the entire company declined 3% for the quarter.
Net earnings for the period fell to $115 million from $162 million in the same period last year.
“During the quarter, we saw pockets of strength within our Hand and Power Tool businesses in the U.S. and the emerging markets, largely driven by our successful new product innovations, which are enabling us to continue to gain market share," said president and CEO John F. Lundgren.
He said Stanley's Engineered Fastening business was a bright spot in the Industrial segment, as increased vehicle platform penetration drove growth in the U.S. and in Asia, which more than offset the pullback in the European industrial markets.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
