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Stanley Black & Decker (NYSE: SWK), New Britain, CT, reported first-quarter sales of $2.6 billion, up 7 percent over first quarter 2013. Organically, sales grew 4 percent. Profit from continuing operations was $167 million, compared to $84.7 million a year ago.
Sales growth in the first quarter was attributable to volume (+4%) and acquisitions (+4%), partially offset by currency (-1%). Price was relatively flat for the quarter.
In CDIY, sales increased 6 percent year-over-year as a result of volume (+7%) and acquisitions (+1%), partially offset by currency (-2%). Price was down 1% for the quarter. Organic growth in Europe was 11 percent, and emerging markets organic growth was up 7 percent. Despite some pressure from weather, North American organic growth was up 5 percent, due in part to the "Built In The USA" initiative.
Sales in the industrial segment rose 16 percent year-over-year as a result of volume (+5%) and acquisitions (+12%), partially offset by currency (-1%). Pricing was relatively flat for the quarter.
Sales in Security decreased 3 percent year-over-year due to volume (-5%), partially offset by pricing (+1%) and currency (+1%).