Stanley Black & Decker (NYSE: SWK), New Britain, CT, reported first quarter sales were $2.4 billion, up 89 percent from first quarter 2010 due primarily to the inclusion of Black & Decker in the current results. On a pro forma basis (revenues inclusive of Black & Decker sales from Jan. 1, 2010, as opposed to the March 12, 2010, merger date), sales increased 9 percent.
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Profit for the manufacturer was $158.7 million, compared to a year ago loss of $108.6 million.
\”March 12 marked the one year anniversary of the Stanley Black & Decker combination. We are pleased with how the integration has progressed so far and are reiterating that the continuation of this success remains our top priority,\” said John F. Lundgren, president and CEO. \”As previously stated, our cost synergies are forecasted to be at an annualized rate of $460 million as we enter 2013, up from our original forecast of $350 million. Our plans to achieve $300 – $400 million in revenue synergies by 2013 remain on track and there was some compelling evidence of these opportunities in the first quarter, particularly in Latin America.\”
In the CDIY segment, profit was $156.5 million on sales of $1.2 billion. Latin America and Asia drove growth with double-digit gains, while volumes in North America were up mid single-digits on a pro forma basis. Pro forma organic sales volumes for the combined hand and power tool businesses grew 3 percent.
Net sales in the Security segment were $557 million, with profit of $72.7 million. Excluding the legacy Black & Decker Hardware & Home Improvement business, sales increased 17 percent versus first quarter 2010.
In the Industrial segment, profit was $106.9 million on sales of $613 million. Organic sales for the legacy Stanley Industrial businesses rose 17 percent.
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