(Reuters) - Stanley Black & Decker Inc (SWK.N) posted a better-than-expected quarterly profit, but the toolmaker cut its full-year organic revenue growth outlook, citing a retraction in unit volumes within U.S. hand tools, and softness in Europe.
For 2011, the company revised its earnings outlook to the lower end of its prior view of 5.15-$5.40 a share.
The company said it now expects about 3.5 percent organic revenue growth for the full year, down from its previous range of 4-5 percent.
For the third quarter, Stanley Black & Decker’s net income was $154.6 million, or 92 cents a share, up from $123.2 million, or 73 cents a share, a year earlier. Excluding items, the company earned $1.34 a share.
Net sales rose 11 percent to $2.6 billion.
Analysts on average had expected earnings of $1.33 a share, according to Thomson Reuters I/B/E S.
Shares of the New Britain, Connecticut-based company closed at $56.19 Monday on the New York Stock Exchange.
Reporting by Bijoy Koyitty in Bangalore; Editing by Don Sebastian