NEW BRITAIN-Stanley Black and Decker‚Äôs full year revenues for 2017 increased 12 percent over the previous year, according to data the company released Wednesday.
The New Britain-based tool maker announced its full year and fourth quarter results. Full year revenues totaled $12.7 billion; up 12 percent as 7 percent organic growth and 7 percent growth from acquisitions were partially offset by the sale of the Mechanical Security Business.
Net sales for the fourth quarter totaled $3.4 billion, an increase of 17 percent compared to the year prior.
President and CEO Jim Loree credits the manufacturer‚Äôs recently acquired brands as the reason for increased sales.
‚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 purchase Nelson Fastener System, excluding Nelson‚Äôs automotive stud welding business, for approximately $440 million in cash. The transaction is expected to close in the first half of 2018.
‚ÄúWe are expecting 2018 to be another strong year,‚ÄĚ Loree said. ‚ÄúThe team is energized by our company‚Äôs purpose ‚Äď ‚ÄėFor Those Who Make the World.‚ÄĚ‚Äė
In each of the three sectors of business ‚Äď Tools & Storage, Industrial and Security ‚Äď profit rates increased or stayed consistent to prior quarters.
Compared to fourth quarter results in 2016, Tools & Storage net sales increased 26 percent and Industrial net sales increased 4 percent while Security net sales decreased 4 percent. Despite the decrease in net sales for Security, the profit rate of 11.1 percent was consistent in relation to previous quarters.
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 CFO, said. ‚ÄúIn 2018 we expect to generation another year of above-market organic growth.‚ÄĚ