Stanley Black & Decker Q1 sales up 4%
Stanley Black & Decker reported first quarter 2019 net sales rose 4% to $3.3 billion from net sales of $3.2 billion in the first quarter last year.
The increase was attributed to 5% organic growth and 3% growth from acquisitions.
The New Britain, Conn.-based manufacturer also reported net earnings of $170.4 million for the quarter, nearly flat from net earnings of $170.1 million for the same period last year.
Sales in the tools and storage division increase 3% to $2.29 billion while industrial sales increased 10% to $555 million. Security sales declined 1% to $486 million.
President and CEO James Loree said the company is well positioned moving ahead and pointed to the ongoing Craftsman tools rollout, revenue synergies from the Lennox and Irwin brands, along emerging markets and innovations.
Loree noted that the company is undergoing a $250 million cost reduction program and has made recent pricing actions. In an interview last week, Loree said that the pricing and cost actions were partly in response to the trade battle between the United States and China.
Next month, at its investor day meeting, Stanley Black & Decker will provide details about a multi-year margin expansion initiative, Loree noted.
The company also said it had settled its recent lawsuit with Sears over the Craftsman brand. Terms of the settlement were not disclosed.
The increase was attributed to 5% organic growth and 3% growth from acquisitions.
The New Britain, Conn.-based manufacturer also reported net earnings of $170.4 million for the quarter, nearly flat from net earnings of $170.1 million for the same period last year.
Sales in the tools and storage division increase 3% to $2.29 billion while industrial sales increased 10% to $555 million. Security sales declined 1% to $486 million.
President and CEO James Loree said the company is well positioned moving ahead and pointed to the ongoing Craftsman tools rollout, revenue synergies from the Lennox and Irwin brands, along emerging markets and innovations.
Loree noted that the company is undergoing a $250 million cost reduction program and has made recent pricing actions. In an interview last week, Loree said that the pricing and cost actions were partly in response to the trade battle between the United States and China.
Next month, at its investor day meeting, Stanley Black & Decker will provide details about a multi-year margin expansion initiative, Loree noted.
The company also said it had settled its recent lawsuit with Sears over the Craftsman brand. Terms of the settlement were not disclosed.