AI English summary of an SEC filing — figures as filed
Stanley Black & Decker SWKStanley Black & Decker said its net sales for Q1 2024 were $3.9 billion, down 2% from a year earlier, and that volume (-1%) and currency (-1%) had an impact. The company explained that growth at DEWALT and Engineered Fastening did not offset lower Infrastructure volume and muted consumer and DIY demand.
Key points
AI summaryStanley Black & Decker said its net sales for Q1 2024 were $3.9 billion, down 2% from a year earlier, and that volume (-1%) and currency (-1%) had an impact. The company explained that growth at DEWALT and Engineered Fastening did not offset lower Infrastructure volume and muted consumer and DIY demand.
The company said its gross margin for Q1 2024 was 28.6%, up from 21.2% a year earlier, and its adjusted gross margin was 29.0%, compared with 23.1% a year earlier. It cited lower inventory destocking costs, supply chain transformation benefits and lower shipping costs as the main factors.
The company said its GAAP EPS for Q1 2024 was $0.13 and its adjusted EPS was $0.56. It said total pre-tax non-GAAP adjustments for Q1 were $71.5 million. Separately, it said it recognized a non-cash asset impairment charge of $25.5 million related to the Infrastructure business.
The company said the sale of STANLEY Infrastructure closed on April 1 for $760 million, and that it used the net proceeds, after customary closing adjustments, fees and taxes, to reduce short-term debt in Q2. It said it is maintaining its full-year 2024 guidance: GAAP EPS of $1.60 to $2.85, adjusted EPS of $3.50 to $4.50, and free cash flow of $0.6 billion to $0.8 billion.
Summary
AI-writtenAnalysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Q1 Revenue of $3.9 billion, Down 2% Year over Year
Stanley Black & Decker said its net sales for Q1 2024 were $3.9 billion, down 2% from a year earlier, and that volume (-1%) and currency (-1%) had an impact. The company explained that growth at DEWALT and Engineered Fastening did not offset lower Infrastructure volume and muted consumer and DIY demand.
Source · Based on the filing body and exhibits
Gross Margin of 28.6%, Adjusted Gross Margin of 29.0%
The company said its gross margin for Q1 2024 was 28.6%, up from 21.2% a year earlier, and its adjusted gross margin was 29.0%, compared with 23.1% a year earlier. It cited lower inventory destocking costs, supply chain transformation benefits and lower shipping costs as the main factors.
Source · Based on the filing body and exhibits
Q1 GAAP EPS of $0.13, Adjusted EPS of $0.56
The company said its GAAP EPS for Q1 2024 was $0.13 and its adjusted EPS was $0.56. It said total pre-tax non-GAAP adjustments for Q1 were $71.5 million. Separately, it said it recognized a non-cash asset impairment charge of $25.5 million related to the Infrastructure business.
Source · Based on the filing body and exhibits
STANLEY Infrastructure Divestiture and Reiterated 2024 Full-Year Outlook
The company said the sale of STANLEY Infrastructure closed on April 1 for $760 million, and that it used the net proceeds, after customary closing adjustments, fees and taxes, to reduce short-term debt in Q2. It said it is maintaining its full-year 2024 guidance: GAAP EPS of $1.60 to $2.85, adjusted EPS of $3.50 to $4.50, and free cash flow of $0.6 billion to $0.8 billion.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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