New Britain tools manufacturer Stanley Black & Decker Inc. posted a 2 percent profit increase in the second quarter, reflecting growth as the company absorbed two iconic brands into its portfolio — Newell Tools and Craftsman.
For the quarter ended June 30, Stanley reported net income of $277 million, or $1.82 per diluted share, an increase from $271.5 million, or $1.84 per diluted share, in the year-ago period. Before acquisition costs are accounted for, however, diluted earnings per share were $2.01, an increase of 9 percent compared to the year-ago period.
“The integrations of both Newell Tools and the Craftsman brand are in full swing and on target,” said Stanley CEO James Loree.
Stanley completed both acquisitions in March.
Net sales also rose in the second quarter to $3.2 billion from $2.9 billion in the year-ago period.
Within the company, the Tools and Storage division grew 8 percent, while the Engineered Fastening division grew 6 percent, Loree said.
The company expects full-year earnings in the range of $7.18 to $7.38 per share due to “higher organic growth” expectations, he added.
