New Britain, Conn.-based Stanley Works reported first-quarter net earnings of $68 million, up 0.6 percent from $67.6 million last year. Net sales were $1.09 billion, up 3.3 percent from $1.06 billion last year.
John Lundgren, chairman and CEO of Stanley Works, noted the company's consumer DIY sales were flat, but the company's industrial segment saw growth.
"Our Engineered Solutions business was strong, and of course we were helped by foreign exchange," he said. A stronger performance outside the United States, particularly in Europe, helped offset some of the sales declines as well, he added.
The company saw flat revenues in consumer tools and storage, as well as in the company's Bostitch business.
"The U.S continues to be adversely impacted by the residential construction market. That of course affects consumer tools and storage as well as Bostitch," Lundgren added. "In North America those businesses were both down low single digits in terms of revenue."