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New Britain, Conn.-based Stanley Black & Decker posted first quarter sales of $2.381 billion, up 89% from the year ago period -- thanks largely to the incremental sales achieved through Black & Decker.
The company, which marked its one -year anniversary of the Stanley and Black & Decker merger last month -- the companies merged March 12, 2010 -- said 71% of the sales increase was from Black & Decker, other acquisitions made up 9%, unit volume resulted in 7% growth, and currency rates added 2%.
The company's earnings for the quarter were $158.7 million, compared to a loss of $108.6 million in the first quarter of 2010.
Stanley Black & Decker’s President and CEO, John F. Lundgren described the company as enthusiastic about the coming year. "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 consumer and DIY division, Stanley reported the following:
• Pro forma organic sales volumes for the combined hand and power tool businesses grew 3%;
• Organic sales for Hand Tools, Fasteners & Storage were flat as a soft retail channel in North America offset strength in Latin America, Asia and Europe.
• Legacy Black & Decker Power Tools & Accessories pro forma organic sales increased
approximately 4%, driven by unit volume; and
• Sales of Professional Power Tools & Accessories increased in the mid-teens driven primarily by the continued success of the lithium ion cordless product line.
Lundgren added the company's ability to raise its dividend by 21% in February reflects its confidence in business and commitment to shareholders.