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July 30, 2015

Stanley's 2Q profits up on cost controls

Robert Benson Photography Stanley Black & Decker's New Britain headquarters.

Stanley Black & Decker said its second-quarter profits rose nearly 5 percent, despite a strong U.S. dollar drilling into its sales growth.

The New Britain tool and industrial manufacturer reported net income of $227.2 million, or $1.49 per diluted share, up from $216.5 million, or $1.46, in the same quarter last year.

Net sales were essentially flat at $2.87 billion, with currency impact erasing organic growth of 8 percent, the company said. The quarter also included $5 million in restructuring charges, up from $1.7 million a year prior.

Much of the profit increase in the recent quarter could be attributed to selling, general and administrative expenses, which were lower by $11.4 million, or 1.7 percent.

Stanley said it has raised its 2015 earnings-per-share outlook to a range of $5.70 to $5.90, up from a previous range of $5.65 to $5.85.

The revised guidance reflects what Stanley sees as strong performance in the first half of the year and an improved outlook in its tools and storage business.

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