NEW BRITAIN - Stanley Black and Decker‚Äôs revenues for 2017 increased 12 percent over the previous year‚Äôs, the company announced Wednesday.
The New Britain-based tool maker released both full-year and fourth-quarter results.
Full-year revenues came to $12.7 billion, up 12 percent.
Increases of 7 percent in growth from acquisitions and in organic growth were partially offset by the sale of its mechanical security businesses, the company said.
Net sales for the fourth quarter totaled $3.4 billion, an increase of 17 percent from the same quarter of 2016.
President and CEO Jim Loree credits the manufacturer‚Äôs recently acquired brands for those positive sales numbers.
‚ÄúWe achieved these excellent results while successfully integrating multiple acquisitions on or ahead of plan. We are particularly excited about the growth pipeline for 2018 and beyond which includes core innovation, the Craftsman brand rollout, Lenox and Irwin revenue synergies, FlexVolt, emerging markets and additional acquisitions such as Nelson Fastener Systems,‚ÄĚ he said.
In December, Stanley reached an agreement to buy Nelson Fastener Systems, excluding Nelson‚Äôs automotive stud welding business, for about $440 million in cash. The transaction is expected to close in the first half of this year.
‚ÄúWe are expecting 2018 to be another strong year,‚ÄĚ Loree said. ‚ÄúThe team is energized by our company‚Äôs purpose - ‚ÄėFor Those Who Make the World.‚Äô ‚ÄĚ
In each of the three sectors of Stanley‚Äôs business - Tools & Storage, Industrial and Security - profit rates increased or remained consistent.
Compared to fourth-quarter results in 2016, Tools & Storage net sales increased 26 percent, industrials 4 percent. Security net sales were down 4 percent.
Despite the decrease in net sales for Security, the profit rate of 11.1 percent was consistent in relation to previous quarters, the company reported.
Stanley expects its 2018 earnings per share to be between $8.30 and $8.50, on an adjusted basis.
‚Äú2017 was a year of excellent operation execution as we delivered very strong financial results,‚ÄĚ Donald Allan Jr., executive vice president and chief financial officer, said. ‚ÄúIn 2018, we expect to generate another year of above-market organic growth.‚ÄĚ