Machine tool maker Stanley Black & Decker, Inc. (SWK) Thursday reported a significant increase in fourth-quarter profit, helped by a sale gain. Earnings from continuing operations attributable to shareholders fell, amid a slight increase in sales and higher costs. The company issued full year profit forecast below Street view.
Net earnings attributable to shareholders surged to $492.1 million or $2.99 per share from $164 million or $0.98 per share in the previous year.
Net earnings from continuing operations attributable to shareholders slipped to $130.1 million or $0.79 per share from $153.8 million or $0.92 per share in the previous year.
Excluding charges, earnings from continuing operations were $1.37 per share, while it totaled $1.22 per share last year.
On average, 13 analysts polled by Thomson Reuters expected earnings of $1.28 per share for the quarter. Analysts' estimates typically exclude special items.
The firm divested its Hardware & Home Improvement business or HHI on December 17. Discontinued operations earned $362 million in the quarter compared to $10.2 million last year.
Stanley makes power and hand tools, mechanical access solutions, and electronic security and monitoring systems.
The firm's net sales advanced 4 percent to $2.67 billion from $2.57 billion in the prior year. Analysts expected revenues of $2.62 billion.
Sales growth came from 2 percent volume growth and acquisitions contributed 3 percent, which more than offset the 1 percent negative impact of foreign exchange.
Organically, revenue grew 2 percent. Gross margin remained unchanged at 35.5 percent.
In the CDIY segment, net sales increased 8.3 percent to $1.37 billion on higher unit volumes and acquisitions.
Net sales in Security decreased 2.1 percent to $647 million and Industrial segment sales edged up 1.5 percent to $650 million.
Cost of sales climbed to $1.72 billion from $1.66 billion.
Looking ahead to full year 2013, the company expects earnings per share to be in the range of $5.40 - $5.65, excluding charges. Wall Street expects earnings of $5.69 per share for 2013.
Organic net sales is estimated to increase 2 to 3 percent from 2012, driving $0.00 - $0.15 of earnings per share accretion.
SWK settled at $77.96 on Wednesday.
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