The 2020 Mid-Year Economic Update_long

The Stanley Works Sales Fall 16.3% in 3Q

Industrial segment sales for the tool manufacturer declined 31% during the quarter.

The Stanley Works (NYSE: SWK), New Britain, CT, reported sales for the third quarter were $935.5 million, down 16.3% from the prior year. Profit declined 62.9% to $60.4 million.

Growth from acquisitions (4%) and price (2%) were more than offset by sales volumes declines of 20%. Currency translation also impacted revenues unfavorably by 2%.

For the first nine months of 2009, sales for the tool manufacturer were $2.77 billion, down 17.1% from the same period a year ago. Profit decreased 45.5% to $167.6 million.

Sales in the Industrial segment were $205 million, down 31% from third quarter 2008. Profit declined 53% to $19 million.

Security segment sales climbed 3% in the quarter to $403 million, primarily due to acquisitions. Organic revenues declined 6%. Profit improved 13% to $84 million.

Third quarter sales in the CDIY segment were $328 million, down 23%, while profit declined 11% to $48 million.

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