NEW BRITAIN, Conn. (AP) — Stanley Black & Decker's first-quarter earnings sank 33 percent as the hardware and home-improvement business booked heavier charges tied to mergers and acquisitions. It said a cold start to spring and a sluggish European performance restrained revenue growth.
Chairman and CEO John F. Lundgren said Thursday in a statement that the company remains confident in its ability to achieve its 2013 earnings target "despite a far from robust external environment."
The company reiterated its full-year forecast for earnings ranging from $5.40 to $5.65 per share. Analysts expect, on average, earnings of $5.49 per share, according to a survey by FactSet.
For the first quarter, the New Britain, Conn., company earned $81.1 million, or 51 cents per share. That is down from $121.8 million, or 72 cents per share, a year ago.
Excluding charges, the most recent earnings totaled $1.03 per share. Analysts expected earnings of 96 cents per share.
Revenue climbed 2.5 percent to $2.49 billion mostly due to acquisitions. Analysts expected $2.58 billion in sales.
Revenue from the company's CDIY segment climbed 2 percent to $1.19 billion despite a colder-than-average start to March in many parts of North America. That segment includes power tools and licensed products like safety gear, office products and outdoor power equipment.
The company said its security revenue climbed 1 percent to $599 million, restrained in part by a challenging European market.
Stanley also booked a total of $106.1 million in one-time charges tied to mergers and acquisitions in the quarter, up from $82.7 million recorded in last year's first quarter.
Its shares slipped 22 cents to $77.86 in premarket trading. Its shares have traded in a 52-week range of $58.59 to $82.43.
For the full release, please visit www.stanleyblackanddecker.com.