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Stanley Black & Decker (NYSE: SWK), New Britain, CT, reported third-quarter sales of $2.8 billion, up 6 percent over the same period a year ago. Organic sales were flat year over year. Profit for the diversified manufacturer declined 25.5 percent to $115.2 million.
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Organic sales in Europe declined 3 percent for the quarter, driven by continued market retractions in Security, Industrial & Automotive Repair and Industrial Engineered Fasteners. CDIY organic revenues in Europe were flat.
Organic revenues in North America increased 1 percent, largely due to strength in CDIY, while organic revenues in the emerging markets increased 10 percent, slightly below expectations primarily due to slowing markets in China.
For the first nine months, sales were $8.3 billion, up 9 percent year over year. Profit fell 23 percent to $391.8 million.