First quarter revenues for Stanley Black & Decker reached US$3.9 billion (€3.6 billion), down 2% versus the previous year – as growth in DEWALT and Engineered Fastening was more than offset by lower infrastructure volume and muted consumer and DIY demand.
Donald Allan Jr, Stanley Black & Decker’s president and CEO, comments: “Our first quarter performance was the result of consistent, solid execution and continued progress against key operational objectives. We continue to see significant value creation opportunities tied to our strategic business transformation, and we remain focused on disciplined execution of our strategy. Looking forward, we expect mixed demand trends to persist across our businesses in 2024, and we are driving supply chain cost improvements designed to expand margins, deliver earnings growth and generate strong cash flow. At the same time, the long-term growth and market share gains we are focused on achieving, will be driven by introducing exciting new products within our most powerful brands – designed to deliver enhanced productivity for end users. We are funding growth investments intended to further accelerate innovation and differentiated market activation to capture these compelling long-term opportunities.”
He continues: “Stanley Black & Decker continues to become a more streamlined business, built on the strength of our people and culture, with an intensified focus on our core market leadership positions in Tools & Outdoor and Industrial. I am confident that by executing our strategy, we are positioning the company to deliver higher levels of organic revenue growth, profitability and cash flow to drive strong long-term shareholder returns.”
Patrick D. Hallinan, executive vice-president and CFO at Stanley Black & Decker, adds: “The actions we are taking to advance our strategic transformation are progressing successfully, and despite the tepid market backdrop so far in 2024, our profitability remains on an upward trajectory. We will continue our disciplined approach to cost management as we drive toward our target of 35% adjusted gross margins – while funding additional organic revenue growth investments. The organisation is focused on delivering margin expansion, cash generation and balance sheet strength, while working together to position the company for long-term growth and value creation.”
Having spent a decade in the fastener industry experiencing every facet – from steel mills, fastener manufacturers, wholesalers, distributors, as well as machinery builders and plating + coating companies, Claire has developed an in-depth knowledge of all things fasteners.
Alongside visiting numerous companies, exhibitions and conferences around the world, Claire has also interviewed high profile figures – focusing on key topics impacting the sector and making sure readers stay up to date with the latest developments within the industry.
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