Stanley Black and Decker reported Engineered Fastening organic revenues rose 5% in the opening quarter of 2024, with aerospace and automotive growth partially offset by general industrial market softness. However, the rate of growth slipped from 7% in the final quarter of 2023.

Engineered Fastening is part of the company’s Industrial segment, which reported Q4 sales dropped 5% to $585 million as price (+1%) was more than offset by lower volume (-5%) in infrastructure. Industrial segment profit totaled $65.2 million, and margin increased 20 basis points to 11.1% due to price realization and cost control.

Consolidated revenue at Stanley Black and Decker dropped 2% to $3.9 billion, as growth in DEWALT and Engineered Fastening was more than offset by lower infrastructure volume and muted consumer and DIY demand. Gross margin increased 740 basis points to 28.6%.

“We expect mixed demand trends to persist across our businesses in 2024, and we are driving supply chain cost improvements designed to expand margins, deliver earnings growth and generate strong cash flow,” stated CEO Donald Allan Jr. Web: stanleyblackanddecker.com