Sales up at Stanley Works in third quarter
New Britain, Conn.-based Stanley Works reported its third-quarter results for this year, showing net earnings of $91.4 million, up 1 percent from $90.5 million for the same quarter last year.
Net sales increased 12 percent for the quarter, to $1.13 billion up from $1 billion for the same quarter last year.
The company attributes the growth in part to sales increases in Europe, Australia, Latin America and Asia, which helped to offset the lagging construction and DIY market in the United States.
"We were able to deliver solid earnings and cash flow results this quarter in spite of the challenging environment in U.S. CDIY,” said John F. Lundgren, chairmen and CEO for Stanley Works.
The company also reported that 20 points of its sales increases were attributed to security acquisitions.
"We are pleased with the status of acquisition integrations, as well as the stabilization of the legacy USSI business. Security Solutions attained the highest segment profit percentage in our portfolio, and Bostitch (within the CDIY segment) continued to deliver solid progress toward better financial performance,” said Lundgren.
Stanley Works is a worldwide supplier of tools and engineered solutions for professional, industrial and DIY use.