Stanley Black & Decker, Inc. - SWK STOCK NEWS

Stanley Black & Decker (NYSE: SWK) reported Q2 2022 revenues of $4.4 billion, a 16% increase from the previous year, fueled by acquisitions and price increases. The company completed divestitures generating $4.1 billion in cash, enhancing its balance sheet. A global cost reduction program aims to deliver $1 billion in savings by the end of 2023, increasing to $2 billion over three years. However, the adjusted EPS guidance for 2022 has been significantly lowered to a range of $0.80 - $2.05 due to declining consumer demand and economic headwinds.

Allegion plc (NYSE: ALLE) reported Q2 2022 net earnings per share (EPS) of $1.30, slightly down from $1.31 in 2021. Adjusted EPS rose 3.8% to $1.37. Revenues reached $773.1 million, a 3.5% increase year-over-year. Operating margin decreased to 19% from 19.5%, while adjusted operating margin improved to 20%. The company revised its 2022 revenue outlook to 13-14% growth, with EPS guidance of $5.05 to $5.15. The Access Technologies acquisition closed on July 5, 2022, which is expected to impact EPS negatively by $0.10 for the year due to operational costs.

Stanley Black & Decker (NYSE: SWK) has completed the sale of its Security assets to Securitas AB for $3.2 billion in cash. This divestiture, announced on December 8, 2021, will focus the company on its core businesses, including Tools and Outdoor and Industrial sectors. The sale is projected to reduce debt and fund a $2.3 billion share repurchase. In 2021, the Security division generated approximately $1.6 billion in revenue with a low double-digit adjusted EBITDA margin, highlighting the strategic transformation of the business.

BLACK+DECKER has launched the bev by BLACK+DECKER™ Cocktail Maker, now available on Amazon and other retailers. This innovative single-serve machine allows users to make custom cocktails in approximately 30 seconds, featuring an easy-load system for up to five liquor bottles. It offers customizable drink strengths and a 'party mode' with LED sequences. Priced at $299, the cocktail maker also won the 2022 Gadget Award for 'Best Cocktail Machine'. With its launch, BLACK+DECKER aims to enhance home entertaining experiences.

IRWIN, a Stanley Black & Decker brand (NYSE: SWK), has launched its new STRAIT-LINE tape measures designed for tradespeople. These heavy-duty tape measures offer up to 17-Ft. MAX Reach and can withstand drops from up to 80-Ft. The new features include an integrated finger brake, an extra-large hook, and a durable blade coating. The STRAIT-LINE tape measures are priced between $17.98 and $39.98 and are available in various sizes, with plans for additional products in the winter. This latest addition enhances IRWIN's diverse range of hand tools.

Stanley Black & Decker (NYSE: SWK) announced the resignation of Jaime Ramirez as Executive Vice President and President of Tools & Storage, effective July 22, 2022. Robert Raff, a company veteran of 20 years, will take over as Acting Executive Vice President and President of Tools. Raff has extensive experience within the company, having held various leadership roles. The company has engaged Heidrick & Struggles for an internal and external search for a permanent successor. CEO Donald Allan expressed confidence in Raff's ability to drive strategy and growth in core businesses.

Allegion plc (NYSE: ALLE) has completed the acquisition of Stanley Access Technologies LLC for $900 million in cash. This acquisition strengthens Allegion's position in the automatic entrance solutions market in North America, contributing approximately $340 million in net sales for Access Technologies in 2021. The deal enhances Allegion's seamless access strategy and expands its core business while integrating expertise from Access Technologies’ dedicated workforce. Further details will be shared during the second-quarter earnings call on July 28, 2022.

Stanley Black & Decker (NYSE: SWK) announced a definitive agreement to sell its STANLEY Oil & Gas unit to Pipeline Technique Limited, a leading energy solution provider. The sale, encompassing several pipeline services and equipment businesses, generated approximately $140 million in revenue in 2021. The company expects a non-cash charge of $125 million to $200 million related to asset write-downs, while remaining committed to enhancing focus on core tools and industrial businesses. The transaction awaits regulatory approval.

Stanley Black & Decker (NYSE: SWK) will host its second quarter 2022 earnings webcast on July 28, 2022, at 8:00 AM ET. A financial results news release will be issued before the market opens that day. A slide presentation will accompany the call and be available on the company's investor relations website. Stanley Black & Decker operates nearly 50 manufacturing facilities in the USA and over 100 globally, offering a wide array of innovative tools and solutions under brands like DEWALT and BLACK+DECKER.