Stanley Black & Decker sees record Q3 sales

Stanley Black & Decker, based in New Britain, Conn., reported record third quarter sales, driven by robust customer demand across all segments resulting in double-digit growth.

The company reported net sales up 11% to $4.263 billion from $3.850 billion in the previous third quarter, with all segments contributing to 10% organic growth, led by a strong demand for tools.

Stanley Black & Decker said its gross margin for the quarter was 32.6%. Excluding charges, gross margin was 32.8%, down 310 basis points from prior year reflecting higher supply chain costs, the company noted. Volume, price, productivity and mix benefits from innovation were more than offset by accelerated commodity, transportation and labor inflation required to meet strong demand.

In segmented highlights for the third quarter, Stanley Black & Decker reported Tools & Storage net sales increased 14% versus previous third quarter to $3.186 billion. Industrial net sales expanded 1% to $594 million, and Security net sales grew 5% to $484 million.

The Bottom Line: Stanley Black & Decker sales moved ahead 11% to almost $4.3 billion while profits were 32.8%.

What the CEO said: “We are pleased to deliver 10% organic growth and record third quarter revenues as customer demand remains robust across the majority of our end markets,” stated James M. Loree, CEO at Stanley Black & Decker.

“Our multi-year growth story remains compelling given the positive secular demand trends and unique opportunities ahead, which have been further enhanced by our recently-announced MTD and Excel acquisitions,” added Loree.

“We are prioritizing meeting demand in a universally difficult supply chain environment,” the CEO said, and noted the company was actively addressing the inflationary trends impacting the business with new targeted pricing actions and increased productivity measures.

Company info: Click here to read the full third quarter financial report from Stanley Black & Decker.