Stanley Black & Decker (NYSE: SWK), New Britain, CT, reported sales for 2014 of $11.3 billion, a year-over-year increase of 4 percent. Organically, sales grew 5 percent. Profit increased 55.2 percent to $760.9 million.
For the fourth quarter, sales were $3 billion, up 3 percent over the same period a year ago. Organic sales grew 7 percent. Profit was $145.8 million, compared with year-ago profit of $56.1 million.
During the quarter, CDIY sales increased 7 percent year-over-year as a result of volume (+10 percent) and price (+1 percent), partially offset by currency (-4 percent). Organic growth was strong in all regions led by North America (+14 percent), which benefitted from continued brisk underlying tool demand across all channels. Europe (+7 percent) maintained its trend of strong organic growth as new products and an expanded retail footprint continued to generate market share gains, in spite of a challenged economic backdrop.
Industrial sales rose 1 percent in the fourth quarter compared to the same period last year, as a result of volume (+5 percent) and modestly positive price, partially offset by currency (-4 percent). Engineered Fastening achieved 10 percent organic growth driven by both strong global automotive and electronic revenues. Organic sales for the Industrial and Automotive Repair business were up 5 percent with solid performances in both the North American and European tools businesses. Infrastructure organic growth was down 10 percent as strong hydraulic tools growth was negated by lower oil & gas revenues due to the recent contraction in oil prices and resulting slowdown in pipeline construction.
Sales in Security decreased 1 percent versus fourth quarter 2013, as organic growth of 3 percent driven by volume (+2 percent) and price (+1 percent), was offset by currency (-4 percent). Organic growth within North America and emerging markets of 5 percent was primarily a result of strong performances within the commercial electronics and automatic doors businesses. Europe’s organic growth rate was flat, a significant improvement versus prior quarters.
