5/8/2013 12:06:00 PM
HEADLINES
STOCKS: Stanley Black & Decker Reports “Flat” Fastener Revenue
Stanley Black & Decker reported net sales in its Industrial segment, including fasteners, rose 5% to $695.4 million. Unit volumes fell approximately 1%, currency was down 1% and acquisitions added 7%.
Engineered Fastening was relatively flat on an organic basis, outpacing global light vehicle production, which retracted 4%.
Fastening organic revenues in Europe rose 2% as continued growth in automotive due to increased platform penetration more than offset weakness in automotive production rates as well as industrial fasteners.
“The integration of Infastech, which closed in late February, is progressing well and is still expected to yield $0.20 of accretion on a full year basis,” the company stated.
Overall Industrial segment profit declined 30% to $85.5 million. Excluding charges fell versus the record 1Q’12 rate of 18.9% to 14.1% due to investments in the organic growth initiatives and lower volumes in IAR Europe. ©2013 GlobalFastenerNews.com
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