Stanley Black & Decker (SWK), based in New Britain, Conn., reported revenue increases in 2022 driven by outdoor power equipment acquisitions and industrial segment growth.
“Our transformation strategy has positioned us as a more focused company, centered around our core market leadership positions in Tools and Outdoor, as well as Industrial,” said Donald Allan, Jr., president and CEO of Stanley Black & Decker.
The company reported full year revenue growth of 11% to $16.9 billion; and reported fourth quarter revenues were $4.0 billion, in-line with the prior year.
In Q4 segments, the company reported Tools & Storage net sales of $3.38 billion, flat compared to previous quarter. Industrial net sales decreased 1% to $604 million.
The Bottom Line: Stanley Black & Decker sales moved ahead 11% company-wide for full-year 2022.
What the CEO said: “In the fourth quarter we took another meaningful step forward on our journey to streamline and optimize Stanley Black & Decker. We continued to focus on advancing our simplification and transformation strategy and in the second half of 2022 we improved customer fill rates, reduced inventories by approximately $800 million, and realized $200 million in efficiency benefits from our leaner organizational structure as well as enhanced cost controls,” said Allan.
Company info: Click HERE to read the 2022 financial report from Stanley Black & Decker.