Stanley Black & Decker reported first quarter 2021 sales jumped 34% to $4.2 billion compared to sales of $3.1 billion in the first quarter 2020.
Tools and storage sales totaled $3.06 billion for the first quarter, rising 48% above the prior first quarter. This includes a 42% increase in volume along with a 3% increase in price.
North America tools and storage growth was driven by a strong performance in retail and a surge in the commercial and industrial channels, the New Britain, Conn.-based company said.
Industrial sales grew 11% while security sales increased 2% during the quarter.
Net earnings for the quarter soared to $486.8 million compared to net earnings of $133.1 million in the first quarter 2020.
The Bottom Line: Paced by strong tools and storage sales, profits rocket to $486.8 million in the first quarter.
What the CEO said: "Our record-setting growth and strong margins continued in the first quarter, building on the momentum from the second half of last year,” said James Loree, CEO of Stanley Black & Decker. “ We generated 31% organic growth leveraging our robust portfolio of innovations coupled with positive secular trends and vibrant markets, significant gross and operating margin expansion supported by our cost actions and margin resiliency program, and record adjusted EPS.”
"As we look to the future, our portfolio is uniquely positioned to benefit from key trends, several of which have been accelerated and amplified by the pandemic: the consumer reconnection with the home and garden, eCommerce, electrification, and health and safety.”
Company info: Stanley Black & Decker’s first quarter 2021 financial report can be read here.