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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’s CRAFTSMAN brand has expanded its V20 cordless battery system with new tools. Announced on May 30, 2024, the new products include a belt sander, cut-off tool, powerfile, mosquito repellent, 2-in-1 scrubber kit, and a 12-inch chainsaw kit. These additions aim to enhance versatility and performance, allowing users to handle various tasks with one battery platform. Notable features include a brushless motor in the belt sander and cut-off tool, and a 20-ft zone of protection in the mosquito repellent. The products are available both in stores and online.
DEWALT, a Stanley Black & Decker brand, has announced the release of its new TOUGHSERIES™ Construction Jack (DWHT83550) on May 23, 2024. This heavy-duty, hands-free lifting tool can lift up to 340 lbs and has a lift height of 8-3/4 inches. It's designed to assist a single worker in performing demanding tasks like lifting, leveling, and installing. Key features include a step-to-lift function, precision lowering tab, quick release button, slim tapered base, and an ergonomic handle. The new product will be available in June where DEWALT products are sold.
Stanley Black & Decker (NYSE: SWK) celebrates DEWALT's 100th anniversary by ringing the NYSE Opening Bell. The event honors over 1,000 New York City tradespeople with breakfast, coffee, and DEWALT gear. DEWALT will also donate $100,000 in tools to local training centers, including the New York City District Council of Carpenters Training Center and UA Local Union No. 1 Plumbers & Gas-Fitters Training Center. New York Giants Quarterback Tommy DeVito and former NFL Quarterback Boomer Esiason will join the celebration. Additionally, DEWALT has opened applications for its 2024 Grow the Trades Grant program, part of a $30 million commitment over five years to support tradespeople, and will start accepting applications in September for its annual Trades Scholarship.
Stanley Black & Decker (NYSE: SWK) has announced upcoming presentations at investor conferences by their Executive Vice President and CFO. The company is a global leader in Tools and Outdoor products, with a diverse portfolio of brands like DEWALT®, CRAFTSMAN®, and STANLEY®. The webcasts will be available on the company's website for replay.
Stanley Black & Decker reported first quarter 2024 financial results, with revenues of $3.9 billion, down 2% versus the prior year. The first quarter gross margin expanded by 740 basis points versus the prior year. The company reiterated its 2024 full year guidance and expects GAAP EPS of $1.60 to $2.85, adjusted EPS of $3.50 to $4.50, and free cash flow of $0.6 billion to $0.8 billion. The Global Cost Reduction Program is on track to deliver pre-tax run-rate savings of $1.5 billion by end of 2024 and $2 billion by end of 2025, with $145 million in incremental pre-tax run-rate cost savings generated in the first quarter of 2024.
Stanley Black & Decker (SWK) has announced a regular second quarter cash dividend of $0.81 per common share, setting a new record for consecutive annual and quarterly dividend payments among industrial companies listed on the NYSE. The dividend will be payable on June 18, 2024, to shareholders of record as of June 4, 2024.
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