Jan. 24--Net earnings from continuing Stanley Black & Decker operations fell 52 percent in the fourth quarter as one-time charges outweighed higher sales, the New Britain firm said Friday.
Stanley Black & Decker, which manufactures tools and security systems, reported net earnings from continuing operation of $65.7 million, or $0.41 per diluted share, from $137.3 million, or $0.83 per diluted share, from the same period in 2012. The earnings came in above Wall Street expectations.
The company paid $135 million in restructuring charges at Niscayah, a large Swedish firm the company acquired in 2011, and severance costs throughout the company as part of a cost-cutting effort.
Recovery in the housing market and strength in the automotive industry increased fourth quarter sales from its construction, consumer and industrial tools divisions. With the exception of Europe, sales increased around the world in the quarter.
Overall, fourth-quarter sales increased 9 percent to $2.9 billion.
John Lundgren, the company chief executive, said in a prepared statement, "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."
For the full year, net earnings from continuing operations increased to $518.3 million, or $3.26 per diluted share, from $464.8 million, or $ 2.79 per diluted share in 2012. Sales jumped 10 percent to $11.0 billion, from $10.1 billion the year before.
The company reiterated its guidance for earnings of $5.30 to $5.50 per share for 2014.
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