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reported better-than-expected earnings for the fourth quarter.
The New Britain, Connecticut-based company posted quarterly profit of $145.8 million, or $0.91 per share, versus a year-ago profit of $56.1 million, or $0.35 per share. The latest quarter included restructuring charges of $24.4 million, versus $133.2 million in the year-ago period. Excluding items, the company earned $1.56 per share.
Its sales climbed 3.5% to $2.98 billion. However, analysts were estimating earnings of $1.52 per share on revenue of $2.94 billion.
Its gross margin shrank to 35.2% from 35.6%. Operating margin widened 170 basis points to 13.2%, while adjusted operating margin rose 50 basis points to 13.7%.
The company's sales at its construction and do-it-yourself segment rose 7.1% to $1.5 billion, while industrial sales surged 1.1% to $891.4 million. Security revenue slipped 1.2% to $594.7 million in the quarter.
Stanley Black & Decker's Chairman and CEO, John F. Lundgren, said, “We were very pleased with our performance in the fourth quarter and for the full year. Our commitment to well balanced capital allocation priorities combined with our focus on key operational levers produced favorable organic growth, operating leverage and free cash flow results despite adverse currency and volatile macro environments.”
For 2015, the company projects adjusted earnings of $5.90 to $6.10 per share, versus analysts' estimates of $6.06 per share.
Stanley Black & Decker shares fell 0.87% to close at $90.51 yesterday.
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