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Stanley Black & Decker, Inc. (NYSE: SWK) is a global leader in tools and outdoor products, headquartered in the USA. Since its inception in 1843, the company has set the standard for excellence by delivering innovative, powerful tools that professionals rely on worldwide to build, repair, and protect valuable assets. The company's diverse portfolio includes iconic brands such as DEWALT, BLACK+DECKER, CRAFTSMAN, STANLEY, CUB CADET, and HUSTLER.
Stanley Black & Decker operates in two main segments: Tools & Outdoor and Industrial. The Tools & Outdoor segment, which generates the majority of the company's revenue, includes the Power Tools Group (PTG), Hand Tools, Accessories and Storage (HTAS), and Outdoor Power Equipment. The Industrial segment focuses on engineered fastening systems and other industrial solutions. Geographically, the company's revenue is primarily derived from the United States, with significant contributions from Canada, Europe, Asia, and other regions.
The company is committed to sustainability and global stewardship, aiming to advance these principles across its entire value chain through its operations and workforce. Stanley Black & Decker's recent achievements highlight its strategic business transformation, focusing on innovation, market activation, and cost efficiency. In the third quarter of 2023, the company reported improvements in adjusted gross margins and earnings per share, laying a solid foundation for future growth.
Stanley Black & Decker is also known for its proactive approach in response to market dynamics. The Global Cost Reduction Program, initiated to optimize the company's cost base, has generated substantial savings and improved inventory management, positioning the company for long-term growth and profitability. The program aims to achieve pre-tax run-rate cost savings of approximately $2 billion by the end of 2025.
In addition to its financial initiatives, Stanley Black & Decker emphasizes community support and educational advancement. The DEWALT brand, for instance, has launched the DEWALT Trades Scholarship, awarding scholarships to students pursuing careers in the trades, as part of a broader effort to close the skilled trades gap in the U.S.
With a rich history of innovation and a commitment to future growth, Stanley Black & Decker continues to be a driving force in the tools and outdoor industry, dedicated to supporting professionals and DIY enthusiasts alike.
Stanley Black & Decker (NYSE: SWK) reported full year 2022 revenues of $16.9 billion, marking an 11% increase from the previous year. This growth was driven by acquisitions in outdoor power equipment and strong performance in the industrial segment.
The company achieved $200 million in pre-tax savings through its cost reduction program and generated over $500 million in free cash flow during Q4 2022. However, Q4 diluted GAAP EPS was ($0.72), influenced by inventory reduction strategies. For 2023, EPS guidance is set between ($1.65) to $0.85.
Evolv Technology (NASDAQ: EVLV) has partnered with STANLEY Security to implement its Evolv Express® AI weapons detection systems in the Niagara Falls City School District, New York. This installation has expedited school entry processes for over 6,000 students by replacing cumbersome traditional security measures. Initial results show significant improvements in ingress and detection efficiency, enhancing the overall experience. The move comes amid rising concerns of school violence, prompting a shift to more modern security solutions, with Evolv Express currently deployed in schools across 20 states.
Stanley Black & Decker (NYSE: SWK) appointed John T. Lucas as Senior Vice President and Chief Human Resources Officer (CHRO), effective January 30, 2023. Lucas, who has over 35 years of HR experience in Fortune 50 and Fortune 150 companies, will lead the global HR strategy and report to CEO Donald Allan, Jr. Deborah K. Wintner, the interim CHRO, takes on the role for the company's largest segment, Tools & Outdoor. Lucas's extensive background includes leadership roles at Lockheed Martin, Goodyear, Microsoft, Kodak, and Merck, and he aims to enhance the company’s organizational effectiveness as it undergoes business transformation.
Stanley Black & Decker (NYSE: SWK) appointed Patrick Hallinan as the new Executive Vice President and Chief Financial Officer, effective April 6. He succeeds interim CFO Corbin Walburger, who will return to his previous position as Vice President of Business Development. Hallinan previously served as CFO at Fortune Brands Innovations and brings extensive experience in finance and leadership from various roles in top consumer brands. CEO Donald Allan Jr. expressed confidence in Hallinan's ability to drive growth and efficiency during a significant transformation of the company.
Stanley Black & Decker (NYSE: SWK) announced the date for its fourth quarter and full year 2022 earnings webcast, set for February 2, 2023, at 8:00 AM ET. A detailed news release with financial results will be available before market opening on the same day. Investors can access the presentation and listen to the call through the company's website. Stanley Black & Decker is recognized as the world's largest tool company, producing innovative products under several iconic brands including DEWALT and CRAFTSMAN, and is committed to environmental, social, and governance initiatives.
Stanley Black & Decker (NYSE: SWK) will present at the Credit Suisse 10th Annual Global Industrials Conference on December 1, 2022, at 2:00 PM ET. The presentation will be led by Corbin Walburger, Vice President and Interim CFO. Interested parties can access the live webcast through the company's 'Investors' section on their website. A replay of the event will be available for 30 days. Stanley Black & Decker is recognized as a leader in the tool manufacturing industry with prestigious brands like DEWALT, BLACK+DECKER, and CRAFTSMAN.
Stanley Black & Decker (NYSE: SWK) announced the redemption of all its outstanding Series D Cumulative Perpetual Convertible Preferred Stock on December 22, 2022, at a price of $1,007.71 per share. Holders can convert their shares until December 21, 2022. The settlement rate for stock purchase contracts from corporate units issued in November 2019 is set at 0.6298 shares of common stock per contract. The company emphasizes its commitment to serve the maker community while adhering to strong ESG principles.
DEWALT, a brand under Stanley Black & Decker (NYSE: SWK), has launched the POWERSTACK™ 20V MAX* 5Ah Battery, boasting 50% more power, 50% more work per charge, and double the lifespan compared to previous models. This revolutionary battery utilizes pouch cell technology, enhancing efficiency for professional construction applications. Launched after the initial introduction in October 2021, the new battery is set to be available in December across North America. DEWALT continues its legacy of innovation in power tools.
On November 8, 2022, Stanley Black & Decker (NYSE: SWK) announced a virtual presentation by CEO Don Allan at Deutsche Bank's 2022 Industrials Conference scheduled for November 15, 2022, at 10:00 AM ET. Investors can access the live webcast in the 'Investors' section of the company's website, with a replay available for 30 days. The company is a leading global tool manufacturer, known for iconic brands like DEWALT® and BLACK+DECKER®. Stanley Black & Decker emphasizes its commitment to environmental, social, and governance (ESG) principles, aiming to be a positive force in the community.
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