4/22/2016
NEWS BRIEFS
Stanley Black & Decker Fastener Costs Moderate
Stanley Black & Decker reported revenue for its Industrial segment, including results for its Engineered Fastening business, declined 5.6% to $461 million in the opening quarter of 2016.
Engineered Fastening organic revenues declined 4% “in line with expectations due primarily to lower industrial and electronics volumes and a challenging automotive comp stemming largely from prior year system sales.”
Industrial segment profit increased 1.7% to $76 million.
Industrial segment profit margin increased to 17.9% as productivity gains and cost actions within Engineered Fastening overcame currency headwinds and lower hydraulics volume.
Overall Industrial segment profit rate was 16.5%, up 120 basis points from the Q1 2015 rate, as “productivity gains and cost control, particularly within Engineered Fastening, more than offset the impact of currency and lower volumes.”
Overall Stanley Black & Decker revenue rose 2% to $2.7 billion, “as positive volume (+4%) and price (+1%) more than offset currency (-3%).”
In 2015, Industrial segment sales dropped 5.2% to $1.94 billion, with profit down 3% to $339.9 million.
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