Stanley B&D Q1 sales drop

Stanley Black & Decker (SWK), reported that revenue fell in the first quarter of 2024 versus prior year due to lower infrastructure volume and muted consumer and DIY demand.

“Our first quarter performance was the result of consistent, solid execution and continued progress against key operational objectives,” said Donald Allan, Jr., Stanley Black & Decker’s president and CEO.

The New Britain, Connecticut company reported Q1 revenue down 2% to $3.87 billion compared to $3.93 billion in the same quarter last year. Gross margin for the quarter was $1.1 billion or 28.6% of net sales.

In Q1 segments, the company reported Tools & Outdoor net sales was $3.3 billion, and Industrial net sales was $600 million.

The Bottom Line: Stanley Black & Decker sales fell 2% to $3.87 billion for Q1 2024.

What the CEO said: “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,” said Allan.

Company info: Click HERE to read the 2024 Q1 financial report from Stanley Black & Decker.