New Britain manufacturer Stanley Black & Decker said its fourth-quarter profits more than doubled on higher sales.
Stanley booked $145.8 million in profits, or 91 cents per diluted share, up from $56.1 million, or 35 cents, in the prior-year quarter.
Net sales increased by nearly $102 million, or 3.5 percent, to $2.98 billion.
The company cut its general expenses and restructuring charges during the quarter.
For the full year, Stanley’s net income was $760.9 million, or $4.76, up from $490.3 million, or $3.09.
Sales grew from $10.89 billion to $11.34 billion.
For 2015, the company expects earnings per share to be between $5.65 and $5.85, which includes 25 cents in restructuring charges.
Stanley also disclosed Thursday that it has combined two of its key business segments: Construction/DIY and industrial and automotive repair.
Jim Loree, president and chief operating officer, called the combination “an exciting next step in our evolution that should be viewed as a growth enhancer.”
The resulting unit, called Global Tools and Storage, has $7 billion in sales. Stanley hopes the combination results in greater market share and cost benefits.
A spokesman told the Hartford Business Journal that the combination resulted in approximately 10 local layoffs.
