Stanley Black and Decker (SWK) Reports 1Q 2024 Results
May 3, 2024 18:37:25 GMT
icemandios likes this
Post by lookingforatenbagger on May 3, 2024 18:37:25 GMT
NEW BRITAIN, Conn., May 2, 2024 /PRNewswire/ -- Stanley Black & Decker (NYSE: SWK), a worldwide leader in tools and outdoor, today announced first quarter 2024 financial results.
First Quarter Revenues of $3.9 Billion, Down 2% Versus Prior Year as
Growth in DEWALT and Engineered Fastening Was More Than Offset by
Lower Infrastructure Volume and Muted Consumer and DIY Demand
First Quarter Gross Margin Was 28.6%, Up 740 Basis Points Versus Prior Year;
First Quarter Adjusted Gross Margin* Was 29.0%, Up 590 Basis Points Versus Prior Year
First Quarter GAAP EPS Was $0.13; First Quarter Adjusted EPS* Was $0.56
Completed STANLEY Infrastructure Divestiture on April 1; Net Proceeds Used to Reduce Short-Term Debt
Reiterating 2024 Full Year Guidance –
Expect 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
ir.stanleyblackanddecker.com/news-events/press-releases/news-details/2024/Stanley-Black--Decker-Reports-1Q-2024-Results/default.aspx
Donald Allan, Jr., Stanley Black & Decker's President & CEO, commented, "Our first quarter performance was the result of consistent, solid execution and continued progress against key operational objectives. We continue to see significant value creation opportunities tied to our strategic business transformation, and we remain focused on disciplined execution of our strategy.
Looking forward, we expect mixed demand trends to persist across our businesses in 2024, and we are driving supply chain cost improvements designed to expand margins, deliver earnings growth and generate strong cash flow. At the same time, the long-term growth and market share gains we are focused on achieving will be driven by introducing exciting new products within our most powerful brands designed to deliver enhanced productivity for end users. We are funding growth investments intended to further accelerate innovation and differentiated market activation to capture these compelling long-term opportunities.
"Stanley Black & Decker continues to become a more streamlined business, built on the strength of our people and culture, with an intensified focus on our core market leadership positions in Tools & Outdoor and Industrial. I am confident that by executing our strategy, we are positioning the Company to deliver higher levels of organic revenue growth*, profitability and cash flow to drive strong long-term shareholder returns."
Management is reiterating 2024 guidance and expects EPS to be in the range of $1.60 to $2.85 on a GAAP basis, adjusted EPS* between $3.50 to $4.50 and free cash flow* to approximate $0.6 billion to $0.8 billion.
First Quarter Revenues of $3.9 Billion, Down 2% Versus Prior Year as
Growth in DEWALT and Engineered Fastening Was More Than Offset by
Lower Infrastructure Volume and Muted Consumer and DIY Demand
First Quarter Gross Margin Was 28.6%, Up 740 Basis Points Versus Prior Year;
First Quarter Adjusted Gross Margin* Was 29.0%, Up 590 Basis Points Versus Prior Year
First Quarter GAAP EPS Was $0.13; First Quarter Adjusted EPS* Was $0.56
Completed STANLEY Infrastructure Divestiture on April 1; Net Proceeds Used to Reduce Short-Term Debt
Reiterating 2024 Full Year Guidance –
Expect 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
ir.stanleyblackanddecker.com/news-events/press-releases/news-details/2024/Stanley-Black--Decker-Reports-1Q-2024-Results/default.aspx
Donald Allan, Jr., Stanley Black & Decker's President & CEO, commented, "Our first quarter performance was the result of consistent, solid execution and continued progress against key operational objectives. We continue to see significant value creation opportunities tied to our strategic business transformation, and we remain focused on disciplined execution of our strategy.
Looking forward, we expect mixed demand trends to persist across our businesses in 2024, and we are driving supply chain cost improvements designed to expand margins, deliver earnings growth and generate strong cash flow. At the same time, the long-term growth and market share gains we are focused on achieving will be driven by introducing exciting new products within our most powerful brands designed to deliver enhanced productivity for end users. We are funding growth investments intended to further accelerate innovation and differentiated market activation to capture these compelling long-term opportunities.
"Stanley Black & Decker continues to become a more streamlined business, built on the strength of our people and culture, with an intensified focus on our core market leadership positions in Tools & Outdoor and Industrial. I am confident that by executing our strategy, we are positioning the Company to deliver higher levels of organic revenue growth*, profitability and cash flow to drive strong long-term shareholder returns."
Management is reiterating 2024 guidance and expects EPS to be in the range of $1.60 to $2.85 on a GAAP basis, adjusted EPS* between $3.50 to $4.50 and free cash flow* to approximate $0.6 billion to $0.8 billion.