Stanley Black & Decker (NYSE: SWK), New Britain, CT, reported sales for the fourth quarter of $2.7 billion, an increase of 4 percent compared to the same period a year ago. Organic sales increased 2 percent. Profit from continuing operations decreased 14.9 percent to $130.5 million.
In the CDIY segment, fourth-quarter sales increased 8 percent compared to the same period a year ago. Organic sales grew 7 percent in North America due to continued market share gains, a successful holiday season and growth across all sales channels. Organic sales in Europe remained flat. Organic sales expanded at a double-digit rate in the emerging markets due to success in Asia as well as Latin America.
Net sales in Security decreased 2 percent. For the CSS and MAS businesses, 2 percent organic growth in North America was muted by organic declines of 5 percent in Europe. The Convergent Security Solutions (CSS) North America business grew 1 percent organically. Mechanical Access organic sales were up 3 percent.
Organic sales in the Industrial segment fell 1 percent due to continued weakness in Europe. Organic sales for the Industrial and Automotive Repair (IAR) platform fell 5 percent as volume declines in Europe and continued soft government spending in the U.S. more than offset strength in Latin America. Engineered Fastening grew 6 percent organically.
For the full year, sales for Stanley Black & Decker were $10.2 billion, an increase of 8 percent over the prior year. Profit from continuing operations fell 25 percent to $448.7 million.