Third quarter revenues for Stanley Black & Decker reached US$4.1 billion (€4.13 billion), up 9% versus the previous year – led by acquisitions in outdoor power equipment, strong industrial growth and price realisation.
Donald Allan Jr, Stanley Black & Decker’s president and CEO, commented: “We made tangible progress in transforming our business during the third quarter as we improved customer fill rates, deployed a new organisational structure, implemented cost controls and actively reduced our inventories. 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.”
He continued: “Today we are a more focused company, centred around our market leadership positions in Tools & Outdoor and Industrial, and built upon the strength of our people and culture. Our new organisational structure is largely in place and we are accelerating our supply chain transformation to better serve our customers and improve efficiency. We are also continuing to invest in our iconic brands and are launching new advances in innovation, including the expansion of our DEWALT POWERSTACK battery technology and DEWALT FLEXVOLT System. Overall, we remain confident that our strategy and priorities position the company for strong, sustainable long-term growth, cash flow generation, profitability and shareholder return.”
Corbin Walburger, Interim CFO at Stanley Black & Decker, added: “We have substantially completed our initiatives focused on streamlining the organisation and are taking additional measures to adjust our cost base and inventory levels over the next 6 – 9 months. While the impact of planned production curtailments temporarily increases our manufacturing costs and weighs on margins, we are improving inventory turns and prioritising cash generation to position the company for gross margin expansion and balance sheet strength in 2023 and beyond.”
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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