Stanley Black & Decker, Inc. Plans to Restate its Earnings Results for the Period Ended January 2, 2021, December 28, 2019 and December 29, 2018
January 27, 2022 at 03:52 am IST
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Stanley Black & Decker, Inc. plans to restate its earnings results for the period ended January 2, 2021, December 28, 2019 and December 29, 2018. The company announced that it plans to restate its previously issued consolidated financial statements to correct its accounting with respect to its Equity Units in response to comments received from the Securities and Exchange Commission (the "SEC"). After giving effect to this change, the Company's diluted GAAP earnings per share is reduced by $0.31, $0.24, and $0.14 for the fiscal years ended January 2, 2021, December 28, 2019 and December 29, 2018, respectively. Excluding acquisition-related and other charges, the Company's diluted earnings per share is reduced by $0.36, $0.31 and $0.27 for the fiscal years ended January 2, 2021, December 28, 2019 and December 29, 2018, respectively.
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. 
