Net earnings at Stanley Black & Decker dropped 3 percent year over year driven by global currency devaluation. Profits for the quarter were $228.7 million, versus $236.7 million a year earlier.
Net sales for the period were $2.8 billion, down 2 percent versus prior year, as volume growth of 5 percent and price increases of 1 percent were more than offset by the currency devaluation it pegged at negative 8 percent.
Its operating margin rate was 14.8 percent compared to 14.1 percent in the third quarter of 2014 despite $70 million of what the company referred to as “currency headwinds.” That operating margin rate is a record for the company since Stanley merged with Black & Decker.
Stanley Black & Decker’s Chairman and CEO John F. Lundgren, said in a statement, “We achieved continued share gains across much of the portfolio in the third quarter and remain on track to deliver strong organic growth for the year. This organic growth momentum, combined with a sharp focus on cost management and price realization, positions us to deliver meaningful margin expansion and 8-11% EPS growth in 2015 despite severe currency pressure and volatile economic conditions in a number of our markets.
