Stanley Black & Decker (SWK)

Rentabilidad algo baja, del 1.85% a cotización actual, pero 51 años incrementando dividendos con crecimientos medios (DGR1=6,60%, DGR3=6,40%, DGR5=5,40% y DGR10=7,40%)

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Siempre en subida aunque dió un pequeño respiro a final de 2018, que daba un 2.5% de RPD.

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Stanley Black & Decker Reports 3Q 2019 Results (24/10/2019)

  • 3Q’19 Revenues Totaled $3.6 Billion, Up 4% Versus Prior Year, Driven By Organic Growth And Acquisitions
  • Operating Margin Rate Was 13.3%; Excluding Charges Operating Margin Rate Was 14.5%, Flat Versus Prior Year While Overcoming $90 Million Of External Headwinds
  • 3Q’19 Diluted GAAP EPS Was $1.53; Excluding Charges, 3Q’19 Diluted EPS Was $2.13
  • Announcing New Cost Reduction Program Expected To Deliver $200 Million In Annual Cost Savings
  • Revising 2019 Full Year Diluted GAAP EPS Guidance Range To $6.50 - $6.60 From $7.50 - $7.70 And Adjusted EPS Guidance Range To $8.35 - $8.45 From $8.50 - $8.70

3Q’19 Key Points:

  • Net sales for the quarter were $3.6 billion, up 4% versus prior year, as positive contributions from volume (+3%), acquisitions (+3%) and price (+1%) more than offset currency (-2%) and divestitures (-1%).
  • The gross margin rate for the quarter was 34.1%. Excluding charges, the gross margin rate for the quarter was 34.3%, down 120 basis points versus prior year as volume leverage, productivity and price were more than offset by tariffs and foreign exchange.
  • SG&A expenses were 20.8% of sales. Excluding charges, SG&A expenses were 19.8% of sales compared to 21.0% in 3Q’18, reflecting continued disciplined cost management.
  • The tax rate was 20.1%. Excluding charges, the tax rate was 21.5% versus 19.5% in 3Q’18.
  • Average diluted shares outstanding for the quarter were 150.6 million, consistent with the prior year.
  • Working capital turns for the quarter were 5.9, up 0.2 turns versus prior year.

2019 Outlook & Cost Reduction Program

  • Management is revising its 2019 EPS outlook to $6.50 - $6.60 from $7.50 - $7.70 on a GAAP basis primarily due to restructuring charges associated with the cost reduction program announced today, in addition to the factors below.
  • The Company is reducing its adjusted EPS range to $8.35 - $8.45 from $8.50 - $8.70 and reiterating its free cash flow conversion estimate of approximately 85% - 90%.
  • The cost reduction program is currently being implemented and is expected to deliver $200 million in annual cost savings with an approximate pre-tax restructuring charge of $150 million expected to be recognized primarily in 2019.