Stanley Black & Decker (NYSE: SWK), New Britain, CT, reported third quarter sales were $2.4 billion, a year-over-year increase of 153 percent, primarily due to the inclusion of Black & Decker’s results (+139 percent). On a pro forma bases, sales increased 11 percent.
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\”The integration of Stanley Black & Decker is proceeding ahead of plan and based on our execution and experience to date, we now expect to realize $125 million in cost synergies in 2010, $35 million more than originally forecast,\” said John F. Lundgren, president and CEO.
The CDIY segment reported profit of $170 million on sales of $1.29 billion. Every region of the world achieved revenue and profit growth, led by Latin America and Asia. Organic sales for legacy CDIY grew 8 percent.
Security segment sales were $563 million, with profit of $97 million. Excluding the legacy Black & Decker Hardware & Home Improvement business, sales increased 6% versus prior year.
The Industrial segment reported profit of $80 million on sales of $517 million.