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• | 3Q’18 Revenues Totaled $3.5 Billion, Up 4% Versus Prior Year, With Organic Growth Of 4% |
• | 3Q’18 Diluted GAAP EPS Was $1.65; Excluding Charges, 3Q’18 Diluted EPS Was $2.08, Up 6%, As Price, Cost Control And Volume Leverage More Than Offset $135 Million Of Commodity Inflation, Currency And Tariffs |
• | Announcing New Cost Reduction Program Expected To Deliver $250 Million In Annual Cost Savings For 2019 |
• | Revising 2018 Full Year Diluted GAAP EPS Guidance Range To $5.90 - $6.00 from $7.00 - $7.20 And Adjusted EPS Guidance Range Of $8.10 - $8.20 from $8.30 - $8.50 |
• | Net sales for the quarter were $3.5 billion, up 4% versus prior year, as positive volume (+3%), acquisitions (+2%) and price (+1%) were partially offset by currency (-2%). |
• | Gross margin rate for the quarter was 35.4%. Excluding charges, the gross margin rate was 35.5%, down 210 basis points from prior year as volume leverage, productivity and price were more than offset by external headwinds, including commodity inflation, foreign exchange and tariffs. |
• | SG&A expenses were 22.9% of sales. Excluding charges, SG&A expenses were 21.0% of sales compared to 22.7% in 3Q’17, primarily reflecting prudent cost management. |
• | Other, net totaled $59.4 million for the quarter. Excluding charges, Other, net totaled $51.0 million compared to $55.1 million in 3Q’17. |
• | Restructuring charges for the quarter were $21.8 million. Excluding certain one-time charges, restructuring was $11.7 million for the quarter compared to $11.4 million in 3Q’17. |
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Security: Security net sales increased $5.5 million, or 1%, in the third quarter of 2018 compared to the third quarter of 2017, primarily due to increases of 3% from bolt-on commercial electronic security acquisitions and 1% from price, partially offset by decreases of 2% from unfavorable foreign currency and 1% from lower volumes.
The Company remains focused on organic growth with margin expansion, including increasing its presence in emerging markets, and leveraging the Stanley Fulfillment System ("SFS 2.0"), which focuses on digital excellence, commercial excellence, breakthrough innovation, core SFS operating principles and functional transformation.
North America organic growth was driven by continued benefits from new product innovation, the rollout of the Craftsman brand and price realization, partially offset by the unfavorable volume impact of brand transitions at a major home center.
In terms of capital allocation, the Company remains committed, over time, to returning approximately 50% of free cash flow to shareholders through a strong and growing dividend as well as opportunistically repurchasing shares.
The year-over-year increase during both periods was primarily due to higher interest rates and average cash balances relating to the Company's U.S. commercial paper borrowings partially offset by higher interest income.
The year-over-year decrease was driven...Read more
The Company continues to pursue...Read more
In addition, the Company continues...Read more
As of September 29, 2018,...Read more
Net Sales: Net sales were...Read more
Financing Activities: Cash flows used...Read more
These effective tax rates differ...Read more
Europe was flat organically as...Read more
The Company received approximately $727.5...Read more
The proceeds were used for...Read more
On a year-to-date basis, net...Read more
Organic sales for both North...Read more
Organic sales increased 8% driven...Read more
Industrial: Industrial net sales increased...Read more
This amount reflects $53.6 million...Read more
This amount reflects $20.8 million...Read more
On a year-to-date basis, net...Read more
At December 30, 2017, the...Read more
Engineered Fastening organic revenues increased...Read more
Management considers free cash flow...Read more
Tools & Storage: Tools &...Read more
On a year-to-date basis, net...Read more
Net sales in the Security...Read more
During the nine months ended...Read more
This acquisition is complementary to...Read more
The purpose of the capped...Read more
The Company recognized income tax...Read more
Income Taxes: The Company recognized...Read more
Non-deductible transaction costs and other...Read more
The year-over-year change in the...Read more
Excluding the impacts of the...Read more
Sales volume increased 5% with...Read more
Excluding the tax impact of...Read more
As of September 29, 2018,...Read more
The effective tax rates differed...Read more
Industrial net sales increased 10%...Read more
Share Repurchases In April 2018,...Read more
Financial Statements, Disclosures and Schedules
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Stanley Black Decker, Inc. provided additional information to their SEC Filing as exhibits
Ticker: SWK
CIK: 93556
Form Type: 10-Q Quarterly Report
Accession Number: 0000093556-18-000040
Submitted to the SEC: Fri Oct 26 2018 6:50:41 AM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Saturday, September 29, 2018
Industry: Cutlery Handtools And General Hardware