Stanley’s 1Q sales climb, net falls

BY Gregory Seay

New Britain manufacturer Stanley Black & Decker posted a 12 percent sales gain in the first quarter, but its net income plummeted.

For three months ended March 31, the maker of hand- and power-tools and access-control systems said it netted $170.6 million, or $1.11 a diluted share, down from $393.7 million, or $2.60 a share, netted the same quarter last year.

First-quarter sales were $3.2 billion vs. $2.9 billion a year earlier.

Meanwhile, Stanley revised its 2018 earnings outlook to $7.40 to $7.60 a share from $7.80 to $8 a share, reflecting mergers and acquisitions charges related to its Nelson Fastener Systems acquisition and a one-time tax charge.