New Britain-based industrial tools and household hardware manufacturer Stanley Black & Decker continued to ride a recent boom in construction projects into the first quarter of 2021, with profits rising sharply from a year earlier.
The company reported net income of $478 million, or $3.04 per share, up from $133.2 million, or 89 cents, in the year-ago period. Net sales climbed from $3.1 billion in the opening quarter of 2020 to $4.1 billion in the first quarter of 2021.
In a statement, Stanley Black & Decker CEO James M. Loree attributed the results to several consumer trends he said had been amplified by the COVID-19 pandemic, including customers’ “reconnection” to their homes and gardens, e-commerce, and a renewed emphasis on health and safety.
Loree also pointed out that the company’s option to purchase the remaining stake in Ohio-based lawnmower maker MTD “has the potential to create an exciting multi-year runway for growth and significant EPS and cash flow accretion.”
Stanley Black & Decker acquired 20% of MTD in 2018 for $234 million, and company officials have said they will look to complete the buyout this year.
Net sales within the firm’s tools and storage segment increased by 48% quarter-to-quarter on the strength of rising demand in North America, Europe and emerging markets. Industrial net sales expanded by 11%, and the company’s security products division saw a 2% sales increase.
The company announced it is raising and narrowing its 2021 earnings-per-share outlook to between $10.15 and $10.55, up from earlier projections of between $9.15 and $9.85.
