Power tools and security company Stanley Black & Decker reported first quarter 2013 revenue was up 3% to $2.5 billion. Volume and currency declined about 1% each, while acquisitions added 4%. The company said organic initiatives have begun to gain traction and contributed modestly to 1Q 2013 revenue.
Stanley Black & Decker Chairman and CEO John F. Lundgren said, "Profitability in our CDIY (Construction and Do-It-Yourself) business continues to improve, and we expect to realize increased sales in this segment going forward as a result of new product introductions and customer listings as well as our increasing presence in emerging markets."
CDIY 1Q 2013 sales were $1,192 million. Profit for the quarter was $169.2 million. Profit rate was 14.2%.
CDIY segment net sales were up 2% from 1Q 2012, attributed to a 3% increase from acquisitions and a 1% decline from currency.
Both volume and price were reported to be relatively flat. Flat organic growth was attributed to a later start to the North America outdoor season, due to a much colder than average March in parts of the region as well as softer markets in Latin America. This offset growth in other emerging markets, such as China, Southeast Asia, Russia, and Turkey.
The company believes that the headwinds encountered in the first quarter will decrease in the second quarter, and sees the segment solidly on track for mid-single digit organic growth for full-year 2013.
Excluding charges, overall segment profit was 14.5%.
Stanley Black & Decker's Security business segment had sales of $599 million and profits of $55.3 million.
The company's Industrial business segment had sales of $695 million and profits of $85.5 million.
to Daily News