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Stanley Black & Decker (NYSE: SWK), New Britain, CT, reported sales for the second quarter were $2.4 billion, a year-over-year increase of 157 percent due primarily to the inclusion of Black & Decker (+145 percent). On a pro forma basis, sales increased 13 percent. Profit was $45.8 million. Excluding one-time charges primarily related to the merger with Black & Decker, profit was $206.1 million.
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Both legacy businesses saw increases in unit volume during the quarter, benefiting from supply chain restocking which accounted for one-half to two-thirds of the volume growth, as well as improving demand.
"We continue to be encouraged by how well the integration with Black & Decker is progressing and we remain firmly on track with our cost synergy estimate of $350 million, $90 million of which will be recognized in 2010," said John F. Lundgren, president and CEO. "Although the strength and speed of economic recovery in the developed nations remains unclear, the strategic actions we have taken in recent years, combined with robust new product and acquisition pipelines, have positioned us for exceptional sales and earnings growth both today and for several years to come."
Year to date, sales were $3.6 billion, with a reported net loss of $62.8 million. Excluding one-time charges of $339 million primarily related to the merger with Black & Decker, profit was $276.2 million.