Tool maker Stanley Black & Decker (SWK) - Get Report was down 0.7% Wednesday, after rising earlier in the session, after the company reported strong first-quarter earnings that easily topped analysts' expectations.
The New Britain, Conn.-based company reported a first-quarter profit of $169.9 million, or $1.42 per share, on revenue of $3.33 billion. Analysts were expecting earnings of $1.10 per share on revenue of $3.31 billion.
"We continue to have a series of strong growth catalysts that position us well to deliver share gains, including the ongoing Craftsman brand rollout, Lenox and Irwin revenue synergies, FlexVolt, e-commerce, emerging markets and new innovations. The organization is also focused on margin expansion as we realize the benefits from our $250 million cost reduction program and recent pricing actions," said CEO James M. Loree.
Loree said that the company had above-market organic growth of 5% that was led 7% organic growth from its tools and storage segment.
"We remain committed to advancing progress against our vision to strive to become known as one of the world's leading innovators, while continuing to deliver top-quartile financial performance and elevate our commitment to social responsibility," Loree said.