Stanley Q3 sales increase 1.9%

With some new brands in its toolbox, Stanley Black & Decker reported third quarter revenues of $2.9 billion, up 1.9% from the same quarter last year.

The company announced a $1.95 billion acquisition of Newell Tools on Oct. 12, broadening the company’s hand tools and power tools accessories offerings.

Net earnings for the quarter increased 8.8% to $248.9 million.

“The company achieved modestly above-market organic growth and continued margin expansion amid challenging operating conditions through excellent execution of its world-class franchises and brands,” said CEO James Loree. “We also continued to make strategic investments for future growth, highlighted by the Newell Tools acquisition, which continues our global expansion in the tools market.”

Among the new Newell brands in the Stanley family are Irwin Tools, Lenox, Vise-Grip and Marathon.

Stanley pointed to strength in the tools and storage business, which achieved 5% organic growth, Loree said. Stanley’s industrial segment continued to face challenges, he said.

Overall, the company raised the mid-point and tightened the range of its 2016 full year earnings per share outlook to $6.40 to $6.50, up from its previous outlook of $6.30 to $6.50.