Power tools and security company Stanley Black & Decker said second quarter 2010 net sales were $2.4 billion, up 157% versus prior year due to the inclusion of Black & Decker's results (+145%), unit volume (+9%), other acquisitions (+4%), and currency (-1%).
Stanley Black & Decker was formed in March 2010 with the merger of The Stanley Works and The Black & Decker Corporation.
On a pro forma basis, legacy Black & Decker also achieved strong unit volume growth (+14%).
The gross margin rate, excluding one-time charges, was 37.7%. This rate represents improvements within both legacy businesses and reflects a 2Q record for legacy Stanley. The strength was largely driven by sales volume leverage as well as continued execution of productivity projects, offset partially by modest commodity inflation.
"We continue to be encouraged by how well the integration with Black & Decker is progressing and we remain firmly on track with our cost synergy estimate of $350 million, $90 million of which will be recognized in 2010," said Stanley Black & Decker's President and CEO, John F. Lundgren.
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