Sales rise for Stanley Black & Decker
Tool manufacturer Stanley Black & Decker reported net sales of $2.62 billion for its second quarter, an increase from $2.37 billion in the same period a year ago.
Net income for the New Britain, Conn., company was $197.3 million, up from $45.8 million in the second period last year.
In the construction and do-it-yourself (CDIY) segment, double-digit unit volume growth in Latin America and Asia and sales growth of professional power tools and accessories, along with the success of new product launches, offset products sales declines in the United States and weak market conditions in Europe. Security sales increased 9% versus the prior year.
"We remain encouraged by the revenue and profit growth we are seeing in the emerging markets, particularly Latin America and Asia," company CEO John Lundgren said in a prepared statement.
Within the Professional Power Tools & Accessories business, the continued success of the 12V lithium-ion cordless line as well as the new 18V lithium-ion products that were launched in Europe in May drove revenue growth, according to the company. Weather-related weakness in outdoor products more than offset high single-digit organic growth within the Consumer Power Tool business during the quarter. Sales for the Pfister business fell 21% due to the ongoing impact of the first-quarter 2011 loss of SKUs at a major customer.