S&P 500 (NYSE:SPY) component Stanley Black & Decker, Inc. (NYSE:SWK) reported its results for the second quarter. Stanley Black & Decker, Inc. supplies tools and engineered solutions for professional, industrial, construction, and do-it-yourself use, as well as security solutions for industrial and commercial applications.
Stanley Black & Decker Earnings Cheat Sheet for the Second Quarter
Results: Net income for the machine tools and accessories company rose to $197.3 million ($1.14 per share) vs. $45.8 million (28 cents per share) in the same quarter a year earlier.
Revenue: Rose 10.9% to $2.62 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: SWK reported adjusted net income of $1.46 per share. By that measure, the company beat the mean estimate of $1.27 per share. Analysts were expecting revenue of $2.62 billion.
Quoting Management: Stanley Black & Decker’s President and CEO, John F. Lundgren, commented, “While it would be fair to say that many across the globe would have expected a more substantial economic rebound in developed markets by this point in the year, particularly in residential housing, we were not banking on one and have worked with our businesses to continue to grow revenues and profits, expand their global footprint and gain market share nonetheless. We remain encouraged by the revenue and profit growth we are seeing in the emerging markets, particularly Latin America and Asia, and the progress we’ve seen with revenue synergy plans that are on track to meet or exceed our expectations around the globe.”
Gross margins grew 4.4 percentage points to 36.9%. The growth seemed to be driven by increased revenue, as the figure rose 10.9% from the year earlier quarter while costs rose 3.7%.
(Source: Xignite Financials)