WASHINGTON (dpa-AFX) - Stanley Black & Decker (SWK) reported that its first-quarter net income to shareholders decreased to $121.8 million from $158.7 million last year. Earnings per share was $0.72 compared to $0.92 a year ago.
Excluding M&A charges, the company reported first-quarter earnings per share of $1.09. Net sales increased to $2.65 billion from $2.36 billion last year.
Analysts polled by Thomson Reuters expected the company to report profit of $1.13 per share on revenue of $2.64 billion for the quarter. Analysts' estimates typically exclude special items.
The company reiterated its expectations for 2012 earnings per share to be in the range of $5.75-$6.00, excluding M&A charges. Including all acquisition, Black & Decker transaction-related one-time charges as well as the charges associated with the $150 million in cost actions implemented in first quarter, the company expects earnings per share to approximate $4.71 to $4.97 in 2012.
Analysts expect the company to report profit of $5.87 per share for 2012.
John F. Lundgren, the company's President and CEO, said, 'We commenced 2012 on solid footing amidst a macroeconomic backdrop filled with mixed signals. We are in the final stages of achieving the previously announced annualized cost synergy rate of $485 million as we enter 2013, up from our original forecast of $350 million. Our plans to achieve $300 million-$400 million in revenue synergies by 2013 remain on track and we feel confident these projects will drive profitable organic growth as they did in 2011.'
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