Stanley Black & Decker Inc., New York symbol SWK, makes power and hand tools and security devices. It took its current form on March 12, 2010. That’s when Stanley Works bought the Black & Decker Corp. for $3.5 billion in stock. At the time of the merger, Stanley shareholders owned 50.5% of the combined company, and Black & Decker investors owned the remaining 49.5%.
In the three months ended March 31, 2011, the company earned $157.8 million, or $0.92 a share, compared to a loss of $108.6 million, or $1.11 a share, a year earlier. Excluding charges relating to the merger, the growth stock’s earnings per share would have risen 54.3%, to $1.08 from $0.70.
The growth stock’s sales rose 89.0% in the quarter, to $2.4 billion from $1.3 billion. If you assume the purchase occurred at the start of 2010, sales would have risen 4%.
Stanley now expects efficiencies from merging plants, distribution networks and purchasing systems will save it $460 million a year by the end of 2012. That’s 31.4% higher than its original estimate of $350 million.
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