Stanley Black & Decker Reports Record 1Q 2021 Results

New Britain, Connecticut, April 28, 2021
… Stanley Black & Decker (NYSE: SWK) today announced first quarter 2021 financial results.

1Q’21 Revenues Totaled $4.2 Billion, Up 34% Versus Prior Year Led By Tools & Storage With All Segments Contributing To 31% Organic Growth
1Q’21 Gross Margin Was 37.3%; Excluding Charges, 1Q’21 Gross Margin Was 37.4% Up 440 Basis Points Versus Prior Year
1Q’21 Operating Margin Was 16.9%; Excluding Charges 1Q’21 Operating Margin Was 17.6%, Up 760 Basis Points Versus Prior Year Driven By Volume, Price, Cost Control And Margin Resiliency
1Q’21 Diluted GAAP EPS Was $2.98; Excluding Charges, 1Q’21 Diluted EPS Was $3.13, Up 161% Versus Prior Year
Raising 2021 Diluted GAAP EPS Guidance Range To $10.15 - $10.55 (From $9.15 - $9.85); Raising Adjusted EPS To $10.70 - $11.00 (From $9.70 - $10.30); Reiterating Free Cash Flow To Approximate Net Income
Board Of Directors Increases Share Repurchase Authorization To 20 Million Shares

1Q’21 Key Points:

Net sales for the quarter were $4.2 billion, up 34% versus prior year from volume (+29%), price (+2%) and currency (+3%).

The gross margin for the quarter was 37.3%. Excluding charges, gross margin was 37.4%, up 440 basis points from prior year as volume, price, mix benefits from innovation, productivity and cost management more than offset higher operating costs related to strong Tools & Storage demand.

SG&A expenses were 20.3% of sales. Excluding charges, SG&A expenses were 19.8% of sales compared to 23.0% in 1Q’20, as the benefits of cost savings programs and strong operating leverage were partially offset by investments related to new growth initiatives across the businesses.

The tax rate was 19.8%. Excluding charges, tax rate was 20.0% versus 12.5% in 1Q’20.

The following information was filed by Stanley Black Decker, Inc. (SWK) on Wednesday, April 28, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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