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Stanley Black & Decker (NYSE: SWK), New Britain, CT, reported sales for the second quarter of $2.9 billion, a 1 percent increase over the same period a year ago. Organic growth in North America was down 2 percent due to the outdoor product business offsetting continuing solid momentum in other categories. Profit increased 15.7 percent to $216.5 million.
In CDIY, sales were flat versus the second quarter of 2013 as the aggregate impact of volume, price and acquisitions (up 1 percent) was offset by currency (down 1 percent).
Net sales in the industrial segment rose 3 percent compared to the second quarter one year prior, as a result of volume (up 2 percent) and acquisitions (up 1 percent). Pricing was up slightly and currency was relatively flat for the quarter. Engineered fastening posted 2 percent organic growth driven by strong global automotive revenues partially offset by weaker electronic volume.
Organic sales for the industrial and automotive repair business were up 2 percent primarily as a result of new product introductions and strength within Mac Tools industrial distribution and Advanced Industrial Solutions, partially offset by weak emerging markets. Infrastructure organic growth was up 5 percent due to solid oil and gas activity coupled with improving demand for hydraulic tools.
Security sales were relatively flat versus the second quarter of 2013 as lower volume (down 2 percent) was offset by pricing (up 1 percent) and currency (up 1 percent). Organic growth within North America and emerging markets increased 2 percent due primarily to performance within the commercial electronics and automatic doors businesses. Europe declined 6 percent organically due to lower installation and recurring revenues.
For the first six months, sales were up 3.6 percent to 5.5 billion. Profit was $378.4 million, up 41 percent over the first half of 2013.