Stanley Black & Decker sales rise 5 percent
Stanley Black & Decker reported third-quarter net sales were $2.9 billion, up 5% versus the prior year.
The hand and power tool manufacturer said the increase was rimarily attributable to volume (+5%) and price (+1%), partially offset by currency (-1%).
Net earnings from continuing operations was $241.1 million, or $1.50 per share, compared to $169.8 million, or $1.07, in the same period last year.
Construction and Do-It-Yourself net sales increased 9% to $1.45 billion. Organic growth in North America (+12%) recovered from a second quarter negatively impacted by poor weather while Europe continued its momentum, growing 11% organically.
Industrial net sales increased 5% to $866 million. Organic sales for the Industrial and Automotive Repair business were up 7% with strength in both North America and Europe. Engineered Fastening achieved 5% organic growth driven primarily by strong global automotive revenues in excess of global light vehicle production.
Security net sales decreased 3% to $582 million. Organic growth within North America and emerging markets increased 1% as commercial electronics and automatic doors provided uplift. Europe declined 7% organically due to continued lower installation and recurring revenues in various regions, most notably Southern Europe.
“During the quarter, our CDIY and Industrial businesses posted impressive top and bottom line results, and Security continued to make progress on its multi-year business transformation. Strong underlying growth, earnings and cash flow momentum position us well for the future,” said Stanley Black & Decker’s chairman and CEO, John F. Lundgren.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
