Stanley Black & Decker revenue soars in Q2
Tool, hardware, and security giant Stanley Black & Decker reported second quarter revenues totaled $4.3 billion, up 37% from revenues of $3.1 billion in the second quarter 2020.
The New Britain, Conn.-based company said that sales volume jumped 31% in the quarter while pricing contributed a 2% increase.
Tool and storage sales soared 46% to $3.2 billion in the second quarter. Stanley Black & Decker said all markets benefited from strong professional demand, coupled with secular shifts related to the consumer reconnection with the home and garden, outdoor product electrification and e-commerce.
Industrial sales increased 16% to $602 million while security sales also saw a 16% rise to $502 million.
Stanley also posted net earnings of $458.5 million for the period, nearly doubling its net earnings of $238.7 million in the second quarter a year ago.
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The Bottom Line: Stanley Black & Decker profits skyrocket by 92% to $458.5 million as sales rise 37% to $4.3 billion.
What the CEO said: "We delivered outstanding performance in the second quarter, our 33% organic growth was fueled by a robust stream of innovation, positive secular trends and strong markets while leveraging margin resiliency to deliver significant gross and operating margin expansion and record adjusted EPS,” said James Loree, CEO of Stanley Black & Decker.
"We enter the second half of 2021 with positive momentum and a portfolio that is well-positioned to benefit from the key trends that are driving our growth: the consumer reconnection with the home and garden, eCommerce, electrification and health and safety.”
Loree also noted that the manufacturer is in negotiations to exercise its option to acquire the remaining stake in outdoor power equipment manufacturer MTD. The CEO said that the company believes MTD “has the potential to create a multi-year runway for growth and significant EPS and cash flow accretion.”
In 2018, Stanley purchased a 20% stake in MTD in a $234 million cash deal. Based in Valley City, Ohio, MTD's brands include Cub Cadet, Troy-Bilt, and Remington, among others.
Company info: Click here to read the full second quarter 2021 report from Stanley Black & Decker.
