Stanley Works Reports 2Q 2008 Results

NEW BRITAIN, Conn., July 21 /PRNewswire-FirstCall/ -- The Stanley Works (NYSE: SWK) announced second quarter 2008 financial results today. Highlights are summarized in the following paragraphs: Net sales from continuing operations were $1.15 billion, up 5%, driven by currency (+4%) and acquisitions (+1%). Fully diluted earnings per share from continuing operations was $0.95. Excluding (1) the dilutive effect of operations discontinued during the quarter and (2) a $0.07 closure charge associated with the planned exit of the consumer metal storage business (all of which was contemplated in the company's June 11, 2008 press release), fully diluted earnings per share was $1.05, up 4%. The $1.05 earnings per share reflects the basis under which the company's previous 2008 annual guidance was established. 2Q and year-to-date free... [read full story]