Hartford Business.com
August 28, 2008
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New Britain-based Stanley Works said that its second-quarter profit fell nearly 7 percent, as it tries to weather rocky economic conditions that have forced many customers to close their pocketbooks, the Associated Press reported.
For the April-through-June quarter, the tool maker earned $79.6 million, or $1 per share. That's down from year-ago results, when the company earned $85.3 million, or $1.01 per share.
Revenue climbed 5 percent to $1.15 billion from $1.10 billion last year.
Analysts polled by Thomson Financial had predicted a profit of $1.02 per share on revenue of $1.13 billion for the quarter.
Meanwhile, executives said the company was implementing "contingency plans" that would have pre-tax benefits of $20 million this year.
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