Stanley Black & Decker doubles Q1 profits

NEW BRITAIN, Conn. — Stanley Black & Decker overcame analyst expectations to nearly double its profits for the first quarter, the Wall Street Journal reports. Profits of $161.9 million, or $1.02 a share, were up from $81.1 million, or 51 cents a share, a year ago. The prior year’s quarter included $42.9 million in restructuring charges, while the current quarter included $3.7 million in credits. Excluding charges related to mergers and acquisitions, the company posted earnings of $1.07 a share in the latest quarter. Overall sales rose 6.6% to $2.64 billion. Gross margin narrowed to 36.4% from 36.7%.