Stanley Black & Decker (NYSE: SWK), New Britain, CT, reported sales for the third quarter of $2.9 billion, a 5.2 percent increase over the same period a year ago. Organic growth in North America was up 6 percent. Profit increased 42.6 percent to $236.7 million.
CDIY net sales increased 9 percent versus the third quarter of 2013 as a result of volume (+9 percent) and price (+1 percent), partially offset by currency (-1 percent). Organic growth in North America (+12 percent) recovered from a second quarter negatively impacted by poor weather while Europe continued its momentum, growing 11 percent organically
Industrial net sales increased 5 percent versus the third quarter of 2013 as a result of volume (+4 percent) and price (+1 percent). Organic sales for the industrial and automotive repair business were up 7 percent with strength in both North America and Europe.
Engineered fastening achieved 5 percent organic growth driven primarily by strong global automotive revenues in excess of global light vehicle production. Infrastructure organic growth was down 1 percent as solid hydraulic tools growth was offset by the expected slowdown in on-shore oil and gas activity and project delays due to the geopolitical situations in Russia, Ukraine and the Middle East.
Security net sales decreased 3 percent versus the third quarter of 2013 as lower volume (-3 percent) and currency (-1 percent) were partially offset by price (+1 percent). Organic growth within North America and emerging markets increased 1 percent as commercial electronics and automatic doors provided uplift. Europe declined 7 percent organically due to continued lower installation and recurring revenues in various regions, most notably Southern Europe.
For the first nine months, sales were up 4.1 percent to 8.4 billion. Profit was $615.1 million, up 41.7 percent over the first half of 2013.