Stanley Black & Decker reported Engineered Fastening organic revenues increased 4%, exceeding expectations for the quarter, as strong automotive system volumes more than offset weaker industrial and electronics volumes.

“We were particularly pleased to see Engineered Fastening exceed its growth projections based on better than expected automotive performance,” stated CEO James Loree.

Overall Stanley Black & Decker revenue grew 5% to $2.8 billion, as positive volume (+5%) and acquisitions (+3%) more than offset currency (-1%) and divestitures (-2%).

Q1 gross margin rate was 38%, while net earnings more than doubled to $393.1 million. Web: stanleyblackanddecker.com