Stanley Black & Decker sales up 12%
Stanley Black & Decker said its net sales for the first quarter were $2.7 billion, up 12% versus prior year.
Net earnings from continuing operations were $121.1 million, compared to $157.1 million in the same period last year.
In the CDIY segment, mid-teens organic growth in Latin America and low-single digit organic growth in North America more than offset slightly softer volumes in Europe to result in a 3% increase in organic revenue.
Net sales in Security increased 39% versus the same period last year.
Organic sales in the Industrial segment rose 7%. Organic sales for the Industrial and Automotive Repair (IAR) platform grew 4%, due to strength in the emerging markets.
“We commenced 2012 on solid footing amidst a macroeconomic backdrop filled with mixed signals. March 12th marked the two year anniversary of the Stanley Black & Decker combination and we remain pleased with how the integration has progressed," said president and CEO John F. Lundgren. "We are in the final stages of achieving the previously announced annualized cost synergy rate of $485 million as we enter 2013, up from our original forecast of $350 million. Our plans to achieve $300 - $400 million in revenue synergies by 2013 remain on track and we feel confident these projects will drive profitable organic growth as they did in 2011.”
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.
