Stanley B&D down in 2023

Stanley Black & Decker (SWK), reported that full year 2023 revenue dropped to $15.8 billion from $16.9 the previous year and in the fourth quarter of 2023 fell to $3.7 billion from $4 billion.

“Despite a challenging market backdrop that lowered volume expectations throughout the year, our disciplined efforts drove adjusted gross margin improvements in each quarter,” said Donald Allan, Jr., Stanley Black & Decker’s president and CEO.

In Q4 segments, the company reported Tools and Outdoor net sales were down 7% versus fourth quarter 2022 as volume (-8%) was moderately offset by currency (+1%).

Industrial net sales in Q4 were down 4% versus fourth quarter 2022 as price (+1%) was more than offset by lower volume (-5%) in Infrastructure.

The Bottom Line: Stanley Black & Decker sales for the full year were $15.8  billion.

What the CEO said: “Our performance in 2023 reflects our relentless focus on the successful execution of the strategic business transformation objectives and supports a strong foundation for improved profitability in 2024,” said Allan.

“Stanley Black & Decker today is 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,” said Allan.

Company info: Click HERE to read the 2023 full year and Q4 financial report from Stanley Black & Decker.