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Stanley Black & Decker Reports 3Q 2013 Results

Stanley Black & Decker (NYSE: SWK) today announced third quarter 2013 financial results.

  • 3Q’13 Revenues Increased 10% To $2.8 Billion; Organic Growth 4%
  • Organic Growth Initiatives Continue To Gain Traction Driving One-Half Of The Organic Growth (2 Points)
  • 3Q’13 Diluted GAAP EPS Was $1.07; Excluding Charges, 3Q’13 Diluted EPS Was $1.39
  • 2013 FY EPS Guidance Range, Excluding Charges, Revised To $4.90 - $5.00 ($3.75 - $3.95 On A GAAP Basis) From $5.40 - $5.65 as a result of slower margin rate recovery within the Security segment, weakening emerging markets and the impact of the U.S. government shutdown on organic growth
  • Free Cash Flow Excluding Charges And Payments Revised To Approximately $800 Million Vs. Prior Estimate Of Approximately $1 Billion

3Q’13 Key Points:

  • Net sales for the period were $2.8 billion, up 10% versus the prior year, attributable to volume (+5%) and acquisitions (+7%), partially offset by price (-1%) and currency (-1%).
  • The gross margin rate for the quarter was 35.8%. Excluding charges, the gross margin rate was 36.0%, down from the prior year rate of 36.7%, as the favorable impact of volume and cost synergies was more than offset by Security margins.
  • SG&A expenses were 24.3% of sales. Excluding charges, SG&A expenses were 23.1% of sales, compared to a 3Q’12 level of 22.7%, primarily reflecting investments in organic growth initiatives.
  • Operating margin was 11.5% of sales. Excluding charges, operating margin was 12.9% of sales, down 110 basis points from the 3Q’12 operating margin of 14.0%.
  • The tax rate was 9.2%. Excluding charges, the tax rate was 13.1%, reflecting the realization of certain tax credits and the higher level of earnings in lower-taxed foreign jurisdictions.
  • Diluted GAAP EPS was $1.07. Excluding charges, 3Q’13 diluted EPS was $1.39.

Stanley Black & Decker’s Chairman and CEO, John F. Lundgren, commented, “We continue to make significant progress driving organic growth throughout the organization. Our focused organic growth initiatives have resulted in a strong third quarter performance and maintained the momentum we achieved in the second quarter.

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