Stanley shows Q3 strength

Strong organic growth was the story emanating from New Britain, Connecticut-based Stanley Black & Decker, which posted third-quarter sales and earnings growth Wednesday morning. 

The company reported net sales of $2.90 billion in the third quarter, up from $2.76 billion in the same quarter last year. Net income for the company of multiple brands and wide-ranging markets amounted to $236.7 million, compared with $166.0 million last year. 

“Our strong third-quarter results demonstrate the benefits of our focus on driving organic growth, margin expansion and operating leverage through new product vitality accompanied by diligent price and cost management,” said Stanley Black & Decker’s chairman and CEO John F. Lundgren. “These efforts have allowed us to maintain operating momentum, while overcoming persistent challenges relating to currency and a volatile macro backdrop, particularly within emerging markets. During the quarter, our CDIY and Industrial businesses posted impressive top- and bottom-line results, and Security continued to make progress on its multi-year business transformation. Strong underlying growth, earnings and cash flow momentum position us well for the future.” 

Organic sales growth is defined as total sales growth less the sales of companies acquired in the past 12 months and any foreign currency impacts. 

Construction and DIY sales increased 9% compared with the same quarter last year.

North American volume benefited from strong underlying tool demand driven by new products as well as expanded retail offerings and partnerships. In addition, outdoor product volume was stronger than expected as some of the volume lost in the second quarter due to cold weather was recovered this quarter.