New Britain tool maker Stanley Black & Decker increased sales by 9.6 percent in its fiscal third quarter, but cut its earnings outlook due to slower than expected margin recovery in its security segment and its overall pace of organic growth.
Stanley said it now expects earnings per share to be in the range of $4.90 to $5 for the year, down from previous guidance of between $5.40 and $5.65.
The company said the slow organic growth stems from macro issues affecting emerging markets and the U.S. budget impasse.
Net sales for the three months ended Sept. 28 were $2.76 billion, up from $2.52 billion in the third quarter of 2012.
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Profits were $166 million, up more than 44 percent from $115.2 million.
