NEW BRITAIN – Despite a relatively weak fourth quarter, the chief executive officer of Stanley Black & Decker on Thursday touted a robust – and busy – 2016 for the city-based manufacturer.
The company over the 12 months posted sales of $11.41 billion, signaling growth of 2 percent from the previous year and meeting predictions of economic analysts. Profits were up 9 percent to $965.3 million, or $6.61 per share. Profits in the fourth quarter – October to December – rose 2 percent, with revenue of $2.9 billion. Though the figure is about 3 percent higher compared to the same period in 2015, the reported net income of $255.5 million was down 4 percent.
Earnings per share this year are anticipated to rise between $6.85 and $7.05, in the range forecast by analysts.
Stanley Black & Decker shares on the New York Stock Exchange rose 71 cents, or less than 1 percent, to $125 in Thursday morning trading following the financial report.
"As we look ahead, we are expecting another strong year in 2017,” said president and CEO James M. Loree. “Certainly, there are significant challenges from a currency and geopolitical perspective, but we are confident in our ability to manage through these uncertainties and focus on solid execution.”
Stanley Black & Decker wrapped up 2016 with word it was selling most of its mechanical security businesses to dormakaba for $725 million. The sale, which included the commercial hardware brands of BEST Access, phi Precision and GMT, came at the end of an industrious year for the city manufacturer.
In August, Stanley confirmed it was relocating 200 white collar jobs from Myrtle Street to its world headquarters complex on Stanley Drive and an office building in Southington.
Employees were scheduled to move from the five-story, 125,000-square-foot office complex at 480 Myrtle St. to a renovated building on the headquarters campus. An additional subset of workers associated primarily with the hand tools division transferred to an office building on West Street in Southington.
Three months later, the company said it was set to acquire the tool division of Atlanta-based Newell Brands Inc. for $1.95 billion. The unit includes the industrial cutting, hand tool and power tool accessory brands Irwin and Lenox.
Stanley Black & Decker is the world’s leading provider of tools and storage. The origins of the company in New Britain date to 1857. The former Stanley Works merged with Black & Decker in 2010.
Christopher Fortier can be reached at 860-801-5063 or email@example.com.