Stanley Black & Decker posted a loss for its first quarter on acquisition-related costs, but the New Britain tool maker’s adjusted results handily beat expectations, sending shares up in trading Tuesday, The Associated Press reports.
Stanley reached a deal last year to buy rival Black & Decker for nearly $4.5 billion in stock.
The company reported a loss of $108.6 million, or $1.09 per share for the quarter. Excluding one-time charges, the company earned 70 cents per share.
In the prior year, the company earned $38.3 million, or 37.7 cents per share.
Revenue grew 38 percent to $1.3 billion.
The results beat analysts’ expectations of earning 59 cents per share on revenue of $1.1 billion, according to a survey by Thomson Reuters.
Company leaders said the company is well-positioned to benefit from an overall economic recovery, although they do not anticipate a dramatic turnaround in the housing sector in 2010. However, the company expects its hand and power tool businesses will grow during the year.
Looking forward, the company expects to earn $3.10 to $3.40 per share on an adjusted basis for the 2010 fiscal year.
Shares of Stanley Black & Decker rose $1.02, or 1.6 percent, to $64.32 in at noon trading.
