Stanley Black & Decker income rises
Stanley Black & Decker reported a 21% rise in earnings in the second quarter.
The hand and power tool manufacturer reported net income of $187.1 million, or $1.18 per share, compared to $154.8 million, or 92 cents, in the same quarter last year. Net sales for the period were $2.9 billion, up 12% vs. the prior year, attributable to volume (+6%) and acquisitions (+7%), partially offset by price (-1%).
“During the quarter we achieved strong organic growth particularly within CDIY and Industrial, bolstered by excellent growth across the emerging markets," said chairman and CEO John F. Lundgren.
In the CDIY segment, net sales increased 9% as a result of volume (+8%) and acquisitions (+3%), partially offset by price (-2%). Strong organic volumes were achieved in North America, primarily driven by promotions, new product introductions, and a strengthening residential construction market, as well as within the emerging markets.
Net sales in the Industrial segment rose 28%. Unit volumes increased approximately 8%, currency was down 1% and acquisitions added 21%. Pricing was flat. In North America, volume growth was driven by the MRO vending growth initiative as well as strength within Mac Tools mobile distribution.
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