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Stanley Black & Decker (NYSE: SWK), New Britain, CT, reported fourth-quarter sales were $2.4 billion, up 149 percent due to the inclusion of Black & Decker's results (+133 percent), unit volume (+5 percent), other acquisitions (+12 percent) and the impact of currency translation (-1 percent). On a pro forma basis, Stanley organic sales increased 5 percent.
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Profit for the fourth quarter was $137.8 million.
Full-year sales were $8.4 billion, up 125 percent versus prior year due to the inclusion of Black & Decker's results (+114 percent), unit volume (+5 percent), and other acquisitions (+6 percent).
Sales in the emerging market countries grew 29 percent on a pro forma basis, led by growth in Latin America.
Black & Decker Integration Update
When the combination of Stanley Black & Decker was announced, management provided a cost synergy target of $350 million to be achieved by year three after the closing of the deal (March 2013). With the announcement of earnings for 2010, management updated the estimate to $425 million in cost synergies by the end of 2012.
Additionally, management is targeting to achieve approximately $300 - $400 million in revenue synergies by the end of 2013 driven by brand expansion, increased access to global markets through established distribution channels and cross-selling opportunities.
For more details, visit the Stanley Black & Decker website.