Stanley Black & Decker's sales creep up 0.5% in Q1
Stanley Black & Decker had modest growth to report during the first quarter of 2015, with revenue growth of 0.5% attributable to price and volume increases offset by the negative impact of currency.
Net revenue for the quarter came in at $2.63 billion, which included organic growth of 8% tempered by a 7% currency impact.
Net earnings of $162.3 million also represented a marginal improvement over last year's $161.9 million.
Stanley Black & Decker had modest growth to report during the first quarter of 2015, with revenue growth of 0.5% attributable to price and volume increases offset by the negative impact of currency.
Net revenue for the quarter came in at $2.63 billion, which included organic growth of 8% tempered by a 7% currency impact.
Net earnings of $162.3 million also represented a marginal improvement over last year's $161.9 million.
According to president and COO James Loree, the newly formed Tools & Storage platform performed according to expectations, while the Engineered Fastening business kept up the previous good work.
"As we entered 2015, our annual objectives remained focused on delivering solid organic growth, meaningful operating leverage and strong free cash flow coupled with capital allocation actions designed to drive sustainable value for shareholders," said chairman and CEO John Lundgren. "We posted strong organic growth and operating leverage in our Tools & Storage and Engineered Fastening businesses in the face of a challenging currency environment, and continued to execute on our plan to improve operating performance in Security. Our long-term strategy and financial objectives remain intact, and we are well-positioned to meet our commitments for the balance of the year despite intensified currency headwinds and a continued volatile macro environment."
The company reaffirmed its full-year GAAP EPS guidance range of $5.65 to $5.85, or a growth rate of 5% to 9%.
Loree added that the company is on track with its plan to exit its Spain and Italy operations within its Security segment.