Stanley Black & Decker has reported that its Q4 2020 revenues totalled US$4.4 billion, up 19% on the previous year – inclusive of 16% organic growth.
Full Year revenues totalled US$14.5 billion, Up 1% versus the previous year, with 10% organic growth and acquisitions in the second half of the year more than offsetting the impact of the Covid-19 pandemic in the first half of 2020.
James M. Loree, president and CEO of Stanley Black & Decker, commented: “Today’s report is a resounding affirmation of our commitment to purpose-driven performance. We have built a great company, anchored by a supportive, people oriented culture and grounded in a dedication to performance, innovation and social responsibility. Our fourth quarter and full year 2020 results attest to the fact that this formula is a winning one for the 2020s. In 2020, we demonstrated that corporations like ours, which put people first and strive to have a positive impact on all stakeholders and society at large, offer superior resilience in volatile and uncertain times, thus benefiting our shareholders through outstanding growth, cash flow, margin expansion and ESG.”
Tools & Storage organic sales increased 25% versus Q$ 2019 due to volume (+23%) and price (+2%). Organic revenues across all regions benefited from the consumer reconnection with the home and garden; positive eCommerce trends; a strong holiday season and a robust line-up of new and innovative products; with North America +27%, Europe +18% and emerging markets +22%.
Industrial net sales grew 10% versus Q4 2019 as the CAM acquisition (+11%) and currency (+2%) were partially offset by lower volume (-2%) and a divestiture of a product line in Oil & Gas (-1%). Engineered Fastening organic revenues were down 2% as strong automotive fastener growth was offset by an improved, but still declining, general industrial market and lower systems volumes.
Donald Allan Jr, executive vice-president and CFO at Stanley Black & Decker, commented: “In 2020, we were proactive in preparing our cost base for the pandemic and the organisation remained agile to capture revenue opportunities resulting from quickly improving markets, which resulted in a historic financial performance. We have also prepared the businesses to emerge successfully from this economic disruption and we have a strong setup for growth in 2021.”
Will joined Fastener + Fixing Magazine in 2007 and over the last 12 years has experienced every facet of the fastener sector - interviewing key figures within the industry and visiting leading companies and exhibitions around the globe.
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