Stanley Black & Decker reported Engineered Fastening organic revenues dropped 1% in the third quarter, as aerospace expansion and general industrial growth was more than offset by automotive market softness.

Automotive results dropped double-digits as "OEMs reduced light vehicle production schedules and constrained CapEx spending." The aerospace business grew 22% organically, while general industrial fasteners was up low single-digits.

"We were pleased to see this business return to growth after prolonged customer destocking," stated COO Christoper Nelson.

The results follow reports that the company seeks to sell Engineered Fastening in 2025.

Engineered Fastening operates in the Stanley Black & Decker’s Industrial segment, which saw Q3 sales decline 18%, driven by the Infrastructure business divestiture (-17%) and volume (-2%), partially offset by price (+1%).

Consolidated Q3 revenues fell 5% to $3.8 billion on mixed end market demand and an Infrastructure business divestiture. Gross margin climbed 310 basis points to 29.9%.

Nine-month sales at Stanley Black and Decker dropped 3% to $11.6 billion. Web: stanleyblackanddecker.com