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Upgrade to the DeWalt’s DCG418X2 FLEXVOLT 60V MAX 4-1/2″ to 6″ grinder. It has up to 30% more power than the DCG414 60V MAX Grinder with 2300 max watts out. This grinder delivers 13 Amp motor equivalent power with a no-load speed of 9000 rpm to deliver ul
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DeWALT’s open design easy access tool carrier has 33 tool pockets and sleeves, a zippered main compartment, padded handles, and abrasion-resistant rubber feet. The pop-open design and large interior compartment allow you easy access to tools and parts.
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Tools and outdoor products manufacturer Stanley Black & Decker (SWK -0.37%) is one of the most intriguing stocks on the market today. Unfortunately, it’s down a whopping 55% this year, as just about everything has gone wrong for the company in 2022.
Yet its medium- to long-term prospects look bright, and there’s a strong case for buying the stock and riding out the potentially bad near-term news facing the company. In that context, here’s a look at the crucial metric investors need to see before feeling fully confident in buying the stock.
In a nutshell, Stanley was hit with a pincer movement on its margins and profitability in 2022. First, the supply chain and raw-material inflation issues extended far more than expected this year. Instead of a year of easing pressure (leading to margin expansion), cost pressures continued. Second, soaring inflation caused the Federal Reserve to hike interest rates, putting pressure on the housing market and do-it-yourself spending — hurting Stanley’s sales volumes. Throw in poor weather that hit sales of outdoor products (lawnmowers, trimmers, and the like), and it’s a perfect storm for the company.
Consequently, operating profit margin in its core tools & outdoor segment declined to 6.8% in the third quarter compared to 15.5% in the same quarter of 2021. And management has cut its full-year adjusted earnings guidance on all three earnings calls in its financial 2022; it now stands at a range of just $4.15 to $4.65, compared to $12 to $12.50 at the start of the year.
In response to its difficulties and the need to radically restructure its supply chain to reduce susceptibility to future shocks, management launched a cost-cutting and restructuring plan. The aim is to cut costs by $1 billion by 2023 and by a total of $2 billion in three years.
So the case for buying the stock — as ably laid out by my fellow Fool Reuben Gregg Brewer — rests on a combination of successful cost-cutting while the company muddles through a problematic period of reducing inventory amid slow sales growth.
The company needs to increase the speed at which it sells through its inventory — in other words, its inventory turnover ratio, measured here as revenue divided by inventory. A low inventory turnover ratio implies relatively high inventory levels — that’s bad news because it means cash is tied up in holding inventory. It also suggests that Stanley may have to spend more on marketing or discount prices to reduce inventory, which hurts profitability.
As you can see in the chart below (including two significant competitors, Makita and Milwaukee Electric Tool owner Techtronic), it’s a problem across the hardware and tool industry, driven by a deteriorating sales environment. As a reminder, a lower number is worse, as it means a slower rate of generating sales from inventory.
The chart above shows the situation from a trailing-12-month perspective; however, investors should focus on the quarterly figure to see progression in reducing inventory relative to sales.
Data by YCharts
Until Stanley Black & Decker can stabilize this ratio, its profit margins will likely come under threat, which means so will its earnings expectations. That’s something that usually puts pressure on the stock price.
If you can handle the potential for bad news over the near term, then Stanley might be a stock to buy outright. However, cautious investors will wait for evidence of stabilization in the inventory turnover figure before buying in.
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Consumers should immediately stop using the recalled BLACK+DECKER Model HGS011 Easy Garment Steamers and contact Empower Brands to receive a free replacement upper assembly for their steamer.
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The Dividend Kings are a group of 46 stocks that have each raised their dividends for at least 50 consecutive years, explains Bob Ciura, editor of Sure Dividend; here, he continues a review of his favorite investments among the Kings.
At Sure Dividend, we recommend investors in retirement take a closer look at high-quality dividend stocks. In order to narrow it down, we specifically favor stocks with long histories of increasing dividends every year, such as the Dividend Kings.
Stanley Black & Decker (SWK) is a Dividend King that has increased its dividend for over 50 years in a row. SWK has struggled this year due to rising inflation and the global economic slowdown. But the company has a long history of surviving recessions. In the meantime, shares yield over 4% and could generate strong total returns over the next five years.
Business Overview & Recent Events
Stanley Black & Decker is a world leader in power tools, hand tools, and related items. The company holds the top global position in tools and storage sales. Stanley Black & Decker is second in the world in the areas of commercial electronic security and engineered fastening. Stanley Works and Black & Decker merged in 2010 to form the current company, though the company can trace its history back to 1843.
On October 27th, the company reported better-than-expected quarterly results. Revenue of $4.1 billion rose 9% year-over-year, and beat estimates by $120 million. Adjusted earnings-per-share of $0.76 beat estimates by $0.06. Acquisitions added 16 percentage points to sales growth for the quarter, while price hikes added another 8 points.
Growth was partially offset by a 10% decline in volumes, and a 4% decline from unfavorable currency fluctuations. For the full year 2022, adjusted EPS is expected in a range of $4.15 to $4.65.
Going forward, the company is aggressively reducing costs to support its earnings growth. Initiatives include resizing the organization, reducing inventory and headcount reductions. These initiatives are expected to generate cost savings of approximately $150 to $200 million in 2022, $1 billion by the end of 2023 and $2 billion by 2025.
Stanley Black & Decker has seen earnings-per-share grow at a rate of more than 10% over both the last five- and 10-year periods of time. Stanley Black & Decker remained profitable over the Great Recession but saw earnings decline 15% in 2008 and 20% in 2009. In the years since, Stanley Black & Decker has generally seen its earnings-per-share rise over time. We expect SWK to grow its annual earnings-per-share by 8% per year over the next five years.
Valuation & Expected Returns
Stanley Black & Decker has increased its dividend for 55 consecutive years. At the midpoint of 2022 EPS guidance, the company has a projected dividend payout ratio of 73% for the full year. This is a relatively high payout ratio, but the company’s actions to improve its profitability and return to earnings growth should lower the payout ratio in 2023 and beyond.
The combination of valuation changes, expected EPS growth and the 4.1% dividend yield leads to expected returns of 15.2% per year over the next five years.
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NEW BRITAIN, Conn., Nov. 15, 2022 /PRNewswire/ — Stanley Black & Decker, Inc. (NYSE: SWK) (“the Company”) today announced that it has elected to redeem all its outstanding Series D Cumulative Perpetual Convertible Preferred Stock (CUSIP No. 854502 796), no par value, with liquidation preference $1,000 per share (the “Convertible Preferred Stock”) and that:
(A) the redemption date will be December 22, 2022;
(B) the redemption price will be $1,007.71 per share of the Convertible Preferred Stock payable in cash (which is equal to 100% of the liquidation preference of a share of the Convertible Preferred Stock plus accumulated and unpaid dividends to, but excluding, the redemption date);
(C) if a holder elects to convert such holder’s shares of the Convertible Preferred Stock prior to the redemption date, the settlement method of the Convertible Preferred Stock will be combination settlement with the specified dollar amount of $1,000;
(D) the name and address of the paying agent and the conversion agent are:
Computershare Inc.
150 Royall Street
Canton, MA 02021
Attn: Corporate Actions Relationship Manager
(E) shares of the Convertible Preferred Stock called for redemption may be converted pursuant to Section 3D(9) of the Company’s Restated Certificate of Incorporation, as amended, at any time before 5:00 p.m., New York City time, on December 21, 2022 (which is the Business Day immediately preceding the redemption date);
(F) all shares of the Convertible Preferred Stock outstanding as of the redemption date will be redeemed by the Company; and
(G) unless the Company defaults in making payment of the redemption price, dividends in respect of the shares of Convertible Preferred Stock called for redemption will cease to accumulate on and after the redemption date.
The Company also announced that the settlement rate for the stock purchase contracts that are components of the corporate units that it issued in November 2019 is 0.6298 shares of the Company’s common stock for each stock purchase contract held by the holders thereof, with cash to be paid in lieu of any fractional shares.
About Stanley Black & Decker
Headquartered in the USA, Stanley Black & Decker (NYSE: SWK) is the world’s largest tool company operating manufacturing facilities worldwide. Guided by its purpose – for those who make the world – the company’s approximately 60,000 diverse and high-performing employees produce innovative, award-winning power tools, hand tools, storage, digital tool solutions, lifestyle products, outdoor products, engineered fasteners and other industrial equipment to support the world’s makers, creators, tradespeople and builders. The company’s iconic brands include DEWALT®, BLACK+DECKER®, CRAFTSMAN®, STANLEY®, CUB CADET®, HUSTLER® and TROY-BILT®. Recognized for its leadership in environmental, social and governance (ESG), Stanley Black & Decker strives to be a force for good in support of its communities, employees, customers and other stakeholders. To learn more visit: www.stanleyblackanddecker.com.
Forward-looking statements in this press release speak only as of the date hereof, and forward-looking statements in documents attached that are incorporated by reference speak only as of the date of those documents. The Company does not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.
Investor Contacts:
Dennis Lange
Vice President, Investor Relations
[email protected]
(860) 827-3833
Cort Kaufman
Senior Director, Investor Relations
[email protected]
(860) 515-2741
Christina Francis
Director, Investor Relations
[email protected]
(860) 438-3470
SOURCE Stanley Black & Decker
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Black & Decker has recalled a line of garment steamers, citing the risk of burn injuries.
According to the Consumer Product Safety Commission (CPSC), Black & Decker Easy Garment Steamers “can expel, spray or leak hot water during use, posing a burn hazard to consumers.”
The recall covers about 518,000 steamers sold between June 2021 and September 2022. Black & Decker garment steamers are sold at Walmart, Target, Bed Bath & Beyond, and online. The model number of the “Easy Garment Steamers” Model HGS011 and they were sold in a variety of colors.
Empower Brands, the manufacturer, has received 241 reports of malfunctioning steamers, causing at least 32 burn injuries.
Consumers are advised to stop using the garment steamers immediately.
This is not the first time the lawyers at Johnson//Becker have pursued litigation against the manufactures of defective steamers. On May 26, 2021 approximately 5.4 million My Little Steamer and My Little Steamer Go Mini handheld clothing steamers were recalled after hundreds of reports of burn injuries.
If you or a loved one has been injured by a defective Black & Decker garment steamer, you may want to speak with the lawyers at Johnson//Becker PLLC. We are actively filing new product liability lawsuits across the country, and you may be entitled to financial compensation.
We offer a free case evaluation. Please contact us using the form below or by calling us at (800) 279-6386. We would be honored to speak with you and respond promptly to every inquiry we receive.
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