July 20, 2018

Stanley’s 2Q profits rise on higher sales

PHOTO | Robert Benson Photography
PHOTO | Robert Benson Photography
Stanley Black & Decker's New Britain headquarters.

New Britain manufacturer Stanley Black & Decker said its sales soared by 11 percent during the second quarter, driving an increase in profits.

For the quarter ended June 30, the maker of hand- and power-tools and access-control systems posted net income of $293.4 million, or $1.93 a diluted share, up from $277.6 million, or $1.82 a diluted share, in the year-ago period.

First-quarter sales revenue was $3.6 billion compared to $3.2 billion during the same quarter last year.

Meanwhile, Stanley revised its 2018 earnings outlook downward, to a range of $7 to $7.20 a share from $7.40 to $7.60 a share, citing costs related to its recent $100 million settlement to clean up dioxin-contaminated sediment and soil at a Superfund site in Rhode Island.

Earlier this month, Stanley reached a deal with the U.S. Environmental Protection Agency (EPA) and Rhode Island officials to reimburse the EPA for prior costs and remediation of contamination found at Centredale Manor Restoration Project Superfund Site in North Providence and Johnston, R.I.

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