Stanley Black & Decker revenues up 11 percent
Stanley Black & Decker said its third quarter revenues Increased by 11 percent to $2.4 billion, with organic revenues gaining 8 percent.
An expanded global distribution network as well as continued success of Bostitch branded hand tools helped to drive growth.
For the third quarter, net income was $123.2 million, or 73 cents a share, compared with $60.4 million, or 75 cents a share, a year ago. The company, formed after Stanley Works bought Black & Decker last year, expects to realize $125 million in cost synergies in 2010, as opposed to the previous estimate of $90 million.
"In addition, as we continue to analyze the revenue synergy potential for the combined company we have reason to believe that execution of these initiatives will drive significant additional top-line growth in the coming years." said president and CEO, John F. Lundgren.
The company expects sales in the second half of the year will increase approximately 5% from 2009.
Source: Industrial Supply Magazine
