Stanley B&D Q3 sales rise

Stanley Black & Decker (SWK) reported its revenue increased in the third quarter of 2022 helped by acquisitions of MTD and Excel in outdoor power equipment, along with price realization.

“We made tangible progress in transforming our business during the third quarter as we improved customer fill rates, deployed a new organizational structure, implemented cost controls, and actively reduced our inventories,” said Donald Allan, Jr., president and CEO of Stanley Black & Decker.

The New Britain, Connecticut company reported Q3 revenue growth of 9% to $4.1 billion over $3.8 billion in the same quarter last year.

“Our new organizational structure is largely in-place,” said the company, “and we are accelerating our supply chain transformation to better serve our customers and improve efficiency.”

Gross margin for the quarter was 24.7%. Adjusted gross margin was down 760 basis points from prior year, as price realization was more than offset by commodity inflation, higher supply chain costs including the impact of planned production curtailments, and lower volume.

In Q3 segments, the company reported Tools & Outdoor net sales increased 10%, and Industrial net sales increased 5%.

The Bottom Line: Stanley Black & Decker sales moved ahead 9% to $4.1 billion for Q3 2022.

What the CEO said: “While the macroeconomic environment remains challenging, notably consumer and European demand weakness as well as cost inflation, there were relative bright spots with continued strength in professional construction and industrial customer demand, as well as incremental progress unlocking global supply chain constraints,” said Allan.

Company info: Click HERE to read the 2022 Q3 financial report from Stanley Black & Decker.