Stanley Black & Decker, Inc. Announces Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year of 2013; Provides Financial Guidance for the Year 2014
January 24, 2014 at 04:30 pm IST
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Stanley Black & Decker, Inc. announced unaudited consolidated financial results for the fourth quarter and full year of 2013. For the quarter, the company reported net sales of $2,906.0 million against $2,659.5 million a year ago. Income from operations was $92.9 million against $169.1 million a year ago. Earnings from continuing operations before income taxes were $54.4 million against $133.0 million a year ago. Net earnings from continuing operations were $65.6 million against $137.7 million a year ago. Net earnings from continuing operations attributable to common shareowners were $65.7 million or $0.41 per share diluted against $137.3 million or $0.83 per share diluted a year ago. Net earnings attributable to common shareowners were $56.1 million or $0.35 per share diluted against $492.1 million or $2.99 per share diluted a year ago. Net cash provided by operating activities was $731.7 million against $548.1 million a year ago. Capital and software expenditures were $103.5 million against $126.5 million a year ago.
For the year, the company reported net sales of $11,001.2 million against $10,147.9 million a year ago. Income from operations was $734.2 million against $676.3 million a year ago. Earnings from continuing operations before income taxes were $586.6 million against $542.2 million a year ago. Net earnings from continuing operations were $517.3 million against $464.0 million a year ago. Net earnings from continuing operations attributable to common shareowners were $518.3 million or $3.26 per share diluted against $464.8 million or $2.79 per share diluted a year ago. Net earnings attributable to common shareowners were $490.3 million or $3.09 per share diluted against $883.8 million or $5.30 per share diluted a year ago. Net cash provided by operating activities was $868.0 million against $966.2 million a year ago. Capital and software expenditures were $365.6 million against $386.0 million a year ago.
The company provided financial guidance for the year 2014. For the year, the company expects adjusted EPS will be in the range of $5.30 to $5.50. On a GAAP basis EPS is estimated to be in the range of $5.18 to $5.38 as M&A charges will shrink dramatically in 2014 resulting in convergence of GAAP and adjusted income. Free cash flow will approximate $675 million inclusive of approximately $250 million of one-time payments primarily relating to restructuring actions.
Stanley Black & Decker, Inc. specializes in the design, manufacturing and marketing of tools and engineering solutions for professional, industrial and construction and consumer use. Net sales break down by family of products as follows:
- electric tools and accessories (71.1%): tools and electric devices (drills wire, sanders, saws, grinders, batteries, etc.), garden tools (shears, cutting edge, trimmers, aerators , grinders, chainsaws, etc.), vacuum cleaners, lamps, lights, battery chargers, starter batteries, power converters, hand tools (measuring and leveling tools, planes, hammers, knives, blades, screwdrivers, saws, etc.), consumer mechanics tools (wrenches and sockets), plastic tool boxes, pneumatic tools and fasteners (nail guns, staplers, staples, etc.);
- industrial products (16.2%): professional and automotive mechanics tools (wrenches, sockets, electronic diagnostic tools, etc.), storage systems, plumbing, heating and air conditioning tools (pipe wrenches, pliers, tubing cutters, etc.), hydraulic tools, etc.;
- access and security products (12.7%): automatic doors, door closers, emergency exit devices, locking mechanisms, integrated security devices, etc.
Net sales are distributed geographically as follows: the United States (60.5%), Canada (4.7%), Americas (4.2%), France (4%), Europe (19.2%) and Asia (7.4%).
Stanley Black & Decker, Inc. Announces Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year of 2013; Provides Financial Guidance for the Year 2014
STANLEY BLACK & DECKER, INC. 
