NEW BRITAIN, CONN. — Tool and hardware maker Stanley Works, which operates a manufacturing facility in East Greenwich, saw a profits decline 3.3 percent for the first quarter.
The company reported net income of $46.6 million, or 54 cents per diluted share, compared to profits of $48.2 million, also 54 cents per share, during the same period a year ago. Sales were 10 percent lower than a year ago, coming in at $626.2 million, compared to $695.4 million during the same period last year.
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In a statement accompanying the earnings report, Stanley’s chairman and CEO, John M. Trani, pointed to weak economic conditions in both the U.S. and Canada, bringing inventory corrections at major retailers and industrial customers. He also stated that the company had adjusted for weak markets by changing its employment and production costs — which included the elimination of 500 positions.
