Stanley Black & Decker gets a 10% boost in Q2
Stanley Black & Decker had double-digit growth to report in the second quarter, with a large portion of that resulting from organic growth.
Quarterly revenue totaled $3.2 billion, up 10% year-over-year. Growth in volume and acquisitions helped to offset divestitures, price, and currency impacts, and there was 7% organic revenue growth across the board.
Net earnings came in at $277.2 million, up from $271.5 million in the year-ago quarter.
Stanley Black & Decker had double-digit growth to report in the second quarter, with a large portion of that resulting from organic growth.
Quarterly revenue totaled $3.2 billion, up 10% year-over-year. Growth in volume and acquisitions helped to offset divestitures, price, and currency impacts, and there was 7% organic revenue growth across the board.
Net earnings came in at $277.2 million, up from $271.5 million in the year-ago quarter.
Segment-wise, net sales increased 17% for Tools & Storage, though Security sales were down 12%. Industrial was up 7%, and Engineered Fastening organic revenues were up 6%.
"Of particular note was the performance of Tools and Storage and Engineered Fastening, which generated organic growth of 8% and 6%, respectively, as well as Security North America, which built on the positive momentum of last quarter to deliver 4% organic growth," said James M. Loree, President and CEO. "Both of our smaller Industrial businesses, Hydraulic Tools and Oil & Gas, also contributed with double-digit organic growth."
"Supplementing the solid organic performance, our recent acquisitions added 7 points of revenue growth," he added. "The integrations of both Newell Tools and the Craftsman brand are in full swing and on target. I am pleased with our team's solid execution, and with our continued efforts to become known as a leading innovator, deliver top-quartile financial performance and elevate our commitment to social responsibility."
Stanley Black & Decker is also expecting stronger full-year results due to higher organic growth expectations, so it's raising its 2017 EPS outlook to $8.05 - $8.25 from $7.95 - $8.15 on a GAAP basis and to $7.18 - $7.38 from $7.08 - $7.28 on an adjusted basis.
"We are pleased to once again increase our 2017 guidance, which now contemplates 10% - 13% earnings per share growth," said Donald Allan Jr., Executive Vice President and CFO. "We continue to focus on operational excellence and leveraging investments to deliver strong organic growth, and successfully integrating our recent acquisitions. Strong day-to-day execution in alignment with our operating performance system, SFS 2.0, gives us confidence that we can continue to deliver top-quartile results consistent with our long-term financial objectives."
