New Britain-based Stanley Black and Decker’s fourth quarter profits fell 3.7 percent, the company reported Thursday, due to declining revenues in its Engineered Fastening’s division and restructuring costs.
Stanley’s net income slipped to $255.5 million, or $1.71 per diluted share, from $265.5 million, or $1.77 per diluted share.
Restructuring charges for the quarter were $21.7 million compared to $3.7 million in the year ago period.
However, profits rose for the year to $965.3 million from 883.7 million, an increase of 9.2 percent.
President and CEO James M. Loree said the company remains on track to double its size by 2022 with a spate of recent acquisitions, including the purchase of Newell Brands’ tools business in October and Craftsman Brand from Sears Holdings earlier this month. The firm also sold a majority of its mechanical security businesses, he said.