7/25/2014 9:23:00 AM
NEWS BRIEFS
Fasteners Produce Organic Growth at Stanley Black & Decker
Stanley Black & Decker reported Industrial segment sales, including results from Emhart Technologies and Infastech, rose 3% to $889.2 million in the second quarter of 2014 as a result of volume (+2%) and acquisitions (+1%). Segment profit increased 28% to $150.3 million.
Engineered Fastening posted 2% organic growth driven by strong global automotive revenues partially offset by weaker electronic volume. Organic sales for the Industrial and Automotive Repair (“IAR”) business were up 2% primarily as a result of new product introductions and strength within Mac Tools industrial distribution and Advanced Industrial Solutions, partially offset by weak emerging markets.
Overall Industrial segment profit rate excluding charges was 17%, up 260 basis points from the 2Q’13 rate of 14.4%, reflecting favorable volume leverage, productivity gains, and cost control, partially offset by currency.
“Infastech remains on-plan to achieve both earnings and cost synergy targets, which helped drive record operating margin in Engineered Fastening for the quarter,” the company stated.
Overall Stanley Black & Decker sales edged up 1% to $2.9 billion, while net earnings improved 15.7% to $216.5 million
During the first six months of 2014 Industrial segment sales rose 9.1% to $1.74 billion, while segment profit increased 35% to $280.6 million and profit as a percentage of sales improved to 16.1%.
“Our Industrial results were again strong as all key businesses delivered sales and margin growth,” commented COO James Loree.
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