Stanley Black & Decker posts huge gains
Thanks to the inclusion of Black & Decker's performance in the combined results of Stanley Black & Decker, the New Britain, Conn.-based tool maker reported a 142.8% jump in fourth-quarter net income to $178.0 million, up from $73.3 million.
Sales for the quarter were $2.4 billion, up 149% compared with $969.4 million for the same period last year.
"2010 was a landmark year for Stanley Black & Decker, driven largely by the significant progress we made in integrating Black & Decker,” said John Lundgren, president and CEO. “Notably, we were able to achieve 7% organic growth for the year on a pro forma basis amid an uncertain economic environment while continuing the integration in a manner that allowed us to exceed our original cost synergy targets.”
For the full year, net earnings were $619.3 million, up 151.3% from $246.4 million reported for 2009.
Sales for the year were $8.4 billion, up 125% from $3.7 billion last year, again due to the inclusion of Black & Decker's results.
For the year, the company reported revenues in emerging markets up 29%, primarily driven by growth in Latin America.
Lundgren said the company continues to focus on the integration of Black & Decker by embedding the Stanley Fulfillment System across the entire company.
“We realize that our continued success is dependent upon the ongoing integration of Black & Decker, which is now in a critical phase that includes intensive and often interdependent systems conversions as well as changes within our plant and distribution center networks,” he said.
Looking forward, the company expects organic net sales to increase 5% to 6% from combined company pro-forma level of $9.3 billion for 2011.