Stanley Black & Decker Q1 earnings slump
Stanley Black & Decker reported first quarter 2018 net sales of $3.2 billion, increasing 12% from net sales of $2.85 billion in the first quarter of 2017.
The New Britain, Conn.-based tool and hardware manufacturer also reported net earnings of $170 million for the quarter – a steep 57% slide from net earnings of $393.7 million during the same period a year ago.
Mergers and acquisition related charges for the quarter were $25.1 million, primarily related to restructuring, deal and integration costs, as well as facility-related charges, the company said.
Tools & Storage net sales increased 17% to $2.2 billion for the first quarter while Industrial sales rose 5% to $504 million and Security sales grew 2% to $489 million.
Stanley Black & Decker also reported that it had successfully completed acquisition of Nelson Fastener Systems for approximately $440 million in cash on April 2.
Looking ahead, company president and CEO James Loree said, “The organic growth outlook remains robust as we execute a series of opportunities including Lenox and Irwin revenue synergies, FlexVolt, emerging markets and the rollout of the Craftsman brand, all while the organization remains focused on generating new core and breakthrough innovations.”
Lorre added that Stanley Black & Decker continues to see a strong pipeline of acquisition possibilities and that the company is “exploring multiple opportunities.”
The New Britain, Conn.-based tool and hardware manufacturer also reported net earnings of $170 million for the quarter – a steep 57% slide from net earnings of $393.7 million during the same period a year ago.
Mergers and acquisition related charges for the quarter were $25.1 million, primarily related to restructuring, deal and integration costs, as well as facility-related charges, the company said.
Tools & Storage net sales increased 17% to $2.2 billion for the first quarter while Industrial sales rose 5% to $504 million and Security sales grew 2% to $489 million.
Stanley Black & Decker also reported that it had successfully completed acquisition of Nelson Fastener Systems for approximately $440 million in cash on April 2.
Looking ahead, company president and CEO James Loree said, “The organic growth outlook remains robust as we execute a series of opportunities including Lenox and Irwin revenue synergies, FlexVolt, emerging markets and the rollout of the Craftsman brand, all while the organization remains focused on generating new core and breakthrough innovations.”
Lorre added that Stanley Black & Decker continues to see a strong pipeline of acquisition possibilities and that the company is “exploring multiple opportunities.”