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May 4, 2023

Stanley Black & Decker posts 1Q loss amid continued cost-cutting efforts; names new COO

PHOTO | CONTRIBUTED Stanley Black & Decker's New Britain headquarters.
By Skyler Frazer

As Stanley Black & Decker continues its multi-year cost-savings initiative launched last year, the company Thursday posted a loss of $187.8 million in the first quarter of the year.

Stanley Thursday updated shareholders on its global cost reduction program, which launched last July as a way to save $2 billion over three years. Those cost-saving measures include consolidating the company’s 120 manufacturing facilities by at least 30% and “streamlining and simplifying the organization,” including through job cuts.

Company officials said the program delivered $230 million of pre-tax savings during the first quarter and is on-track for an expected $1 billion in annualized savings by the end of the year. That savings will grow to about $2 billion by 2025, the company said.

To date, the cost reduction program has generated $430 million in annualized savings.

Also during Thursday’s call, company officials announced that Chris Nelson was recently appointed chief operating officer and executive vice president and president of Tools & Outdoor. Nelson will begin the post June 14.

In the quarter, Stanley Black & Decker reported $3.93 billion in revenue, down 12% from the year-ago period, and a $1.26 loss per share.

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