Stanley Black & Decker reported Engineered Fastening organic revenues during the first quarter of 2019 fell 4% “as automotive light vehicle production declines and lower system shipments more than offset continued fastener penetration gains.”

Sales at the company’s Industrial segment, including fasteners, increased 10% to $555 million, despite a 3% decline in volume. Segment profit dropped 12% to $71 million and profit rate dipped to 12.8%, hurt by lower Engineered Fastening automotive volume.

Consolidated Stanley Black & Decker revenue during Q1 increased 4% to $3.3 billion, with gains in volume (+3%), acquisitions (+3%) and price (+2%). Q1 net earnings were flat at $174 million, while operating margin declined to 9.8%.  

“We had a strong start to 2019, with above-market organic growth of 5%, led by 7% organic growth from Tools & Storage, and the benefit of our cost actions helping to offset carryover from the 2018 wave of significant external headwinds,” stated CEO James Loree. Web: StanleyBlack&Decker.com