Stanley Black & Decker Reports $15.4 Billion Revenue for Fiscal Year 2024, Down 3%

Stanley Black & Decker, Inc. reported consolidated annual revenues of $15.4 billion for the fiscal year 2024, a decrease of 3% from $15.8 billion in 2023. The decline was attributed to a flat organic revenue performance, which was offset by a 2% decrease from the divestiture of its Infrastructure business and a 1% decrease due to foreign currency fluctuations. The Tools & Outdoor segment generated $13.3 billion in revenue, accounting for 87% of total sales, while the Industrial segment contributed $2.1 billion, representing 13% of total revenues. The company’s gross profit improved to $4.5 billion, or 29.4% of net sales, compared to $3.9 billion, or 24.9% of net sales, in the previous year, primarily driven by supply chain transformation efficiencies.

In terms of strategic developments, Stanley Black & Decker has been actively reshaping its portfolio through divestitures, including the sale of its Infrastructure business for $729 million in April 2024, and previous sales of its Oil & Gas, Convergent Security Solutions, and Mechanical Access Solutions businesses. These divestitures are part of a broader strategy to streamline operations and focus on core markets in tools and outdoor products, as well as engineered fastening systems. The company has also initiated a $2 billion Global Cost Reduction Program aimed at enhancing operational efficiency and returning adjusted gross margins to historical levels of over 35%.

Operationally, the company reported a workforce of approximately 48,500 employees across 60 countries, with about 33% based in the U.S. The Tools & Outdoor segment saw a slight decrease in net sales, attributed to a challenging consumer environment, while the Industrial segment experienced a more significant decline of 15% in net sales, largely due to the Infrastructure divestiture. The company’s focus on innovation and electrification is expected to drive mid-single digit organic revenue growth in the coming years, with a commitment to improving cash flow generation and inventory optimization.

Looking ahead, Stanley Black & Decker has set ambitious targets for 2025, projecting diluted earnings per share of $4.05 to $4.70 and free cash flow of approximately $750 million. The company aims to achieve adjusted gross margins of 35% to 37% and a cash flow return on investment in the mid-teens. Management remains focused on leveraging its strong brand portfolio, including DEWALT, CRAFTSMAN, and STANLEY, to enhance market penetration and drive future growth. The company’s ongoing transformation efforts are expected to yield significant cost savings and operational improvements, positioning it for long-term success in a competitive landscape.