New Britain tool, security and industrial products manufacturer Stanley Black & Decker said its first-quarter profits grew slightly, as currency headwinds and restructuring charges took their toll.
Stanley reported net income of $162.3 million, or $1.04 per diluted share, up from $161.9 million, or $1.02, in the same quarter a year ago.
Net sales grew from $2.62 billion to $2.63 billion, driven by gains in the company’s tools and storage segment. Organic sales growth was hindered by a stronger U.S. dollar, the company said.
The quarter also included $24.9 million in restructuring charges, compared with a restructuring credit of $3.7 million in the prior-year quarter.
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Stanley expects 2015 earnings per share between $5.65 and $5.85.
