Stanley B&D Q3 sales drop

Down from third quarter last year due to lower Outdoor and DIY volume.

HBSDealer Staff

10/27/2023

Stanley Black & Decker (SWK), reported that revenue fell in the third quarter of 2023 versus prior year due to lower Outdoor and DIY volume.

“We successfully advanced our strategic business transformation in the third quarter. Our focused execution resulted in improvements versus prior year in adjusted gross margins and earnings per share as well as free cash flow,” said Donald Allan, Jr., Stanley Black & Decker’s president and CEO.

The New Britain, Connecticut company reported Q3 revenue down 4% to $4 billion compared to $4.12 billion in the same quarter last year. Gross margin for the quarter was one billion or 27% of net sales.

In Q3 segments, the company reported Tools & Outdoor net sales was $3.4 billion, and Industrial net sales was $600 million.

The Bottom Line: Stanley Black & Decker sales fell 4% to $4 billion for Q3 2023.

What the CEO said: “We are planning for the operating backdrop to remain dynamic; therefore we are maximizing cost efficiencies in our control and focusing on innovation-led share gain opportunities with our powerful brands,” said Allan.

Company info: Click HERE to read the 2023 Q3 financial report from Stanley Black & Decker.