Stanley Black & Decker sees Q4 profits plunge
Stanley Black & Decker posted fourth quarter 2018 net sales of $3.63 billion, up 5% compared to fourth quarter 2017 revenues of $3.64 billion.
The tool, hardware, and security manufacturer said the increase included 6% organic growth for the quarter.
For the full year, Stanley Black & Decker posted net sales of $14 billion, increasing 8% from net sales of $13 billion for 2017. The increase included 5% organic growth.
But the New Britain, Conn.-based company reported a net loss of $65.9 million for the fourth quarter 2018 compared to net earnings of $28.1 million for the same period a year ago. For the full year, Stanley’s net earnings fell to $646 million from profits of $1.2 billion in 2017.
Total mergers and acquisitions-related charges in fourth quarter were $161.9 million, primarily related to restructuring and deal and integration costs, the company said.
Tools and storage net sales increased 4% for the fourth quarter, including a 5% increase in volume and a 2% increase in price.
Industrial net sales increased 14% for the quarter as 12% growth from acquisitions and a 4% increase in volume were partially offset a 2% decline in currency.
Security sales slipped 1% as bolt-on commercial electronic security acquisitions added 3% growth, along with price increases of 1%, but were offset by a 2% decline in currency and a 3% drop in volume.
“Stanley Black & Decker delivered a strong performance in 2018, overcoming approximately $370 million in external headwinds and an increasingly dynamic operating environment,” James Loree, Stanley Black & Decker president and CEO, said in a prepared statement.
The tool, hardware, and security manufacturer said the increase included 6% organic growth for the quarter.
For the full year, Stanley Black & Decker posted net sales of $14 billion, increasing 8% from net sales of $13 billion for 2017. The increase included 5% organic growth.
But the New Britain, Conn.-based company reported a net loss of $65.9 million for the fourth quarter 2018 compared to net earnings of $28.1 million for the same period a year ago. For the full year, Stanley’s net earnings fell to $646 million from profits of $1.2 billion in 2017.
Total mergers and acquisitions-related charges in fourth quarter were $161.9 million, primarily related to restructuring and deal and integration costs, the company said.
Tools and storage net sales increased 4% for the fourth quarter, including a 5% increase in volume and a 2% increase in price.
Industrial net sales increased 14% for the quarter as 12% growth from acquisitions and a 4% increase in volume were partially offset a 2% decline in currency.
Security sales slipped 1% as bolt-on commercial electronic security acquisitions added 3% growth, along with price increases of 1%, but were offset by a 2% decline in currency and a 3% drop in volume.
“Stanley Black & Decker delivered a strong performance in 2018, overcoming approximately $370 million in external headwinds and an increasingly dynamic operating environment,” James Loree, Stanley Black & Decker president and CEO, said in a prepared statement.