The tool company reported earnings of US$1.93 per share on revenue of US$3.64bn compared with US$1.82 EPS on revenue of US$3.28bn in the previous year’s second quarter.
The Connecticut-based company beat Wall Street estimates of US$2.03 EPS on revenue of $3.49bn.
“Total revenues were up 11%, with each business contributing. Organic growth accelerated to 7%, headlined by an impressive 10% growth from tools & storage as well as Industrial outperforming our expectations,” said CEO James M. Loree in a press release.
For the year ahead, the S&P 500 company maintained its guidance, expecting full-year earnings to be in the range of US$8.30 to US$8.50 per share.
However, its GAAP earnings guidance was lowered to US$7 to US$7.20 from US$7.40 to US$7.60 due to a settlement with the EPA.
Two of its subsidiaries, Emhart Industries Inc and Black & Decker, agreed to a US$42mln settlement after a federal court found the companies liable for hazardous waste and contaminated soil on a site in Rhode Island, as per an EPA press release.
As per the agreement, the settlement also includes future costs incurred while cleaning up the site. It is estimated to cost approximately US$100mln.
Shares of Stanley Black & Decker were up more than 2.5% to US$143.53 in pre-market trading Friday. In the regular session, shares added 3.63% to US$144.71.