Stanley Black & Decker hammers home sales in Q4
Stanley Black & Decker posted fourth quarter 2020 total revenues of $4.4 billion, rising 19% above revenues of $3.7 billion.
Sales for the fourth quarter included organic growth of 16%, the company said.
Tools and storage organic sales increased 25% in the quarter, including a volume increase of 23% and a price increase of 2%. The New Britain, Conn.-based company said the increase was driven by rising home improvement sales, positive e-commerce trends, and a strong holiday season. In North America, organic sales jumped 27% followed by an 18% increase in Europe and growth of 22% in the company’s emerging markets.
Industrial net sales grew 10% in the fourth quarter while the company’s security sales decreased 3%.
Full-year 2020 sales totaled $14.5 billion, up 1% compared to the prior year as Stanley Black & Decker’s revenues were impacted by pandemic conditions, the company reported. The impacts of first-half pandemic market conditions were partially offset by 10% organic growth and acquisitions in the second half of 2020.
Net earnings for the fourth quarter jumped to $467 million as compared to net earnings of $199.1 million in the fourth quarter of the prior year. For the full year, Stanley Black & Decker posted net earnings of $1.21 billion marking a 26% increase from net earnings of $958 million in 2019.
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The Bottom Line: Stanley Black & Decker more than doubles its profits in the fourth quarter as sales jump 19% to $4.4 billion.
What the CEO said: “Our fourth quarter and full-year 2020 results attest to the fact that this formula is a winning one for the 2020s,” said James Loree, Stanley Black & Decker president and CEO. “In 2020, we demonstrated that corporations like ours, which put people first and strive to have a positive impact on all stakeholders and society at large, offer superior resilience in volatile and uncertain times, thus benefiting our shareholders through outstanding growth, cash flow, margin expansion and ESG.”
"We are excited to turn the page on 2020 and we enter 2021 with optimism and a company that is running on all cylinders and gaining momentum.”
Company info: The full fourth quarter 2020 and year-end financial report from Stanley Black & Decker is available here.