4/23/2015 12:54:00 PM
NEWS BRIEFS
Fastener Sales Up at Stanley Black & Decker
Stanley Black & Decker reported its Engineered Fastening business achieved 12% organic sales growth in the opening quarter of 2015, driven by strong global automotive and electronics revenues.
“We posted strong organic growth and operating leverage in our Tools & Storage and Engineered Fastening businesses in the face of a challenging currency environment,” stated CEO John Lundgren.
Overall Q1 revenue grew 1% to $2.6 billion, with “robust” organic growth of 8% mostly offset by 7% currency impact.
The company’s gross margin rate for the quarter was 37%, up 50 basis points from the prior year rate of 36.5% as a result of favorable volume, price, productivity and cost actions which more than offset unfavorable currency.
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