Stanley Black & Decker (NYSE: SWK), New Britain, CT, reported sales for the second quarter of $2.9 billion, flat compared to the same period a year ago, with organic growth of 8 percent. Profit increased 4.9 percent to $227.2 million.
Tools & Storage sales increased 4 percent year-over-year to $1.8 billion, with organic growth up in North America (+14 percent), Europe (+7 percent) and emerging markets (+5 percent).
Sales in the industrial segment decreased 2 percent in the quarter to $494.1 million. Engineered Fastening achieved 4 percent organic growth driven by strong global automotive and electronics revenues, which more than offset weaker North American industrial volumes.
Security sales decreased 7 percent to $533.3 million. Organic growth within North America & emerging markets was flat as organic growth across the NA businesses was offset by declines in EM due to a slow China market.
For the first six months, sales were up slightly to 5.5 billion. Profit increased 2.9 percent to $389.5 million.