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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) 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.
Stanley Black & Decker (NYSE: SWK) will host a live webcast on November 9, 2022, at 9:30 AM ET, featuring a presentation by President and CEO Don Allan during the Baird 2022 Industrial Conference in Chicago, IL. The webcast can be accessed via the Investors section of their website, with a replay available for 30 days. As a leading global tool company, Stanley Black & Decker employs around 60,000 people and is known for its innovative brands like DEWALT and BLACK+DECKER.
DEWALT has launched the IMPACT CONNECT™ system, featuring Copper Pipe Cutter and PVC/PEX Pipe Cutter attachments designed to convert select impact drivers into efficient cutting tools. This innovation aims to enhance user productivity, requiring 100X less effort than manual cutters. The Copper Pipe Cutter can perform 4X faster cuts with a maximum capacity of 1 inch, while the PVC/PEX Cutter achieves 6X faster cuts with up to 2-inch capacity. Available in late 2022, these attachments target professionals in plumbing, HVAC, and home renovation industries.
Stanley Black & Decker (NYSE: SWK) reported third quarter 2022 revenues of $4.1 billion, a 9% increase year-over-year, boosted by acquisitions in outdoor power equipment and industrial growth. Adjusted diluted EPS was $0.76, with a gross margin of 24.7%, down due to rising costs and lower sales volumes. The company also achieved $65 million in pre-tax savings through its cost reduction program, while reducing inventory by $290 million. However, it revised its full-year EPS guidance down to $0.10 to $0.80, reflecting challenges in European demand and inflationary pressures.
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