Stanley Black & Decker second quarter 2013 sales in its CDIY business segment, which sells power tools, were up 9% to $1,446 million. CDIY (Construction and do-it-yourself) profit in the quarter was $215.7 million. Other business segments are Industrial and Security.
CDIY segment net sales in 2Q 2013 were up 9% from 2Q 2012, with the increase attributed to volume, by 8%, and acquisitions, by 3%, which was partially offset by price, -2%.
Stanley Black & Decker said 1Q headwinds in the North America outdoor market and a softer Latin America market dissipated in 2Q 2012.
The company reported that strong organic CDIY volumes were achieved in North America, primarily from promotions, new product launches, and a strengthening residential construction market.
CDIY organic volume increases were also seen in emerging markets.
CDIY Europe volumes were relatively flat, this despite ongoing unfavorable economic conditions.
Looking at first half 2013 results, management of the company still expects CDIY segment results for the full year to be on track for mid-single digit organic growth.
Excluding charges, overall segment profit was 15.1%, down slightly from the rate of 15.6% in 2Q 2012. The company said investments in organic growth initiatives and higher promotions offset productivity and synergies.
Overall Stanley Black & Decker 2Q 2013 sales revenues were up 12% to $2.9 billion. 6% of the increase was attributed to volume and 7% to acquisitions, offset by 1% decrease blamed on price.
Organic growth accelerated to 5% as company growth initiatives gained traction.
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