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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) has achieved recognition from the environmental non-profit CDP, making its 'A List' for corporate sustainability for the third consecutive year. The company has been acknowledged for its leadership in tackling climate change and protecting water security. With a total of seven Climate A List and four Water A List distinctions, the firm is committed to a sustainable future, aligned with the United Nations' 2030 Sustainable Development Goals. By 2030, it aims to empower 10 million creators, enhance the lives of 500 million people, and achieve carbon positivity.
Stanley Black & Decker (NYSE: SWK) announced a virtual presentation at the Baird 2020 Global Industrial Conference on November 10, 2020, at 9:05 AM ET. The presentation will feature Don Allan, Executive Vice President and CFO, and will be accessible via a live webcast on the company's website. A replay will be available for 30 days post-event. Stanley Black & Decker is a leading provider of tools, security solutions, and fastening systems, listed on the S&P 500.
Stanley Black & Decker (NYSE: SWK) announced the pricing of its offering of $750 million in 2.750% Notes due 2050, priced at 99.735% of par. The offering is anticipated to close on November 2, 2020.
Net proceeds are expected to be approximately $739.5 million, intended for redeeming 3.40% Notes due 2021 and 2.90% Notes due 2022. Major financial institutions, including Barclays and Goldman Sachs, are managing the offering.
Stanley Black & Decker (NYSE: SWK) reported 3Q 2020 revenues of $3.9 billion, marking a 6% increase from the prior year, primarily driven by an 11% organic growth in the Tools & Storage segment. Gross margin improved to 35.7%, with operating margins reaching a record 17.7%, boosted by effective cost management. The company achieved a diluted EPS of $2.44, increasing to $2.89 when excluding charges, a 36% rise year-over-year. Free cash flow totaled $615 million for the quarter. Anticipated strong operating results continue into 4Q 2020.
Stanley Black & Decker (NYSE: SWK) has announced a $0.70 cash dividend per share for the fourth quarter, continuing its record of consecutive annual and quarterly dividend payments among industrial companies on the NYSE. This dividend is payable on December 15, 2020 to shareholders who are on record as of the close of business on December 1, 2020. The company operates as a diversified provider of tools and security solutions, contributing to its robust market position.
On October 13, 2020, Stanley Black & Decker (NYSE: SWK) announced a $12.50 dividend on its Series C Cumulative Perpetual Convertible Preferred Stock for the fourth quarter. The payment date is set for November 16, 2020, for shareholders on record as of November 13, 2020. As an S&P 500 company, Stanley Black & Decker is recognized as a leading global provider of tools and related solutions. This dividend reflects the company's commitment to providing value to its shareholders.
Stanley Black & Decker's CRAFTSMAN brand has partnered with Ace Hardware Foundation and NASCAR driver Erik Jones to support Children's Miracle Network Hospitals (CMN). As part of the 14th annual Racing for a Miracle program, they will donate $100,000 to benefit CMN Hospitals. Four children from Levine Children's Hospital helped design the race car's paint scheme. Despite COVID-19 limits, the kids enjoyed virtual experiences. Over 14 years, the program has raised $1.4 million for CMN Hospitals. The Ace Foundation will direct $25,000 of the donation to Levine Children's Hospital.
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