NEW BRITAIN, Conn. (AFX) - Stanley Works, the maker of industrial tools and locks, said Monday second-quarter earnings rose 13 percent, as revenue shot up 25 percent on the strength of two recently acquired businesses.
Net income rose to $74.7 million, or 90 cents per share, from $65.9 million, or 78 cents per share, in the year-ago period.
Wall Street expected profit of 86 cents per share, according to Thomson Financial. Stanley had forecast earnings between 80 cents and 85 cents per share.
Sales rose 25 percent to $1.02 billion from $814.7 million, but fell just short of analyst forecasts for $1.04 billion. Excluding the acquisitions of Facom Tools and National Hardware, sales were up 3 percent.
Sales of consumer products, which include the FatMax brand of tools, rose 27 percent to $332 million, bolstered by National Hardware. Industrial tools sales added 33 percent to $463 million.
The company pinpointed its full-year earnings forecast at the middle point of its previous range and now expects $3.55 per share. Wall Street expects $3.41 per share.
Shares of Stanley Works closed up 27 cents to $43.58 on the New York Stock Exchange.
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