NEW YORK (TheStreet) -- Stanley Black & Decker (SWK) exceeded expectations across the board in its December-ended fourth quarter and full year and management reiterated solid guidance for fiscal 2014.
The maker of do-it-yourself and industrial power tools and products reported fourth-quarter revenues 9% higher than the year-ago quarter to $2.9 billion, boosted by 4% organic growth. The company recorded net income of $1.32 a share.
Analysts surveyed by Thomson Reuters had anticipated quarterly earnings of $1.30 a share on $2.87 billion in revenue.
By segment, fourth-quarter net sales in construction and DIY (CDIY) increased 6% and industrial jumped 27%, while security decreased 2% due to a 4% drop in volume.
Over fiscal 2013, the New Britain, Conn.-based business reported full-year revenue of $11 billion, 8% higher than 2012 with organic growth of 3%. Full-year earnings of $4.98 beat consensus by 2 cents.
"During 2013 we made significant progress driving organic growth throughout the organization and the fourth quarter was no exception as the momentum continued from our organic growth initiatives. CDIY and Industrial delivered strong top and bottom line growth in spite of forex headwinds and ongoing challenging global market conditions," said CEO John F. Lundgren in a statement.
Chief operating officer James M. Loree added, "As we look forward in 2014, we have strong momentum in about 80% of the portfolio. In Security, the remaining 20%, we have taken cost and other actions to effect a turnaround. We have already seen benefits in Security North America and Europe will gradually improve throughout the year."