Stanley Black & Decker, Inc. Q4 FY2023 results: revenue $3.7 billion, down 6.3% on the year

Stanley Black & Decker, Inc. (SWK) reported revenue of $3.7 billion for Q4 FY2023, the quarter ended 30 December 2023, down 6.3% on the same quarter a year earlier. Net income was -$304 million, and diluted earnings per share $-2.02. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue$3.7 billiondown 6.3%

Net income-$304 million

Diluted EPS$-2.02

QuarterQ4 FY2023ended 30 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	3,736	3,954	n/a	n/a
Cost of revenue	2,632	2,893	n/a	n/a
Gross profit	1,104	1,061	n/a	n/a
Gross margin	29.6%	26.8%	n/a
Selling, general and administrative	833	792	n/a	n/a
Operating income	-78.8	336	n/a	n/a
Operating margin	-2.1%	8.5%	n/a
Interest expense	139	145	n/a	n/a
Pre-tax income	-78.8	-57.0	n/a	n/a
Income tax	197	-61.7	n/a	n/a
Net income	-304	4.7	n/a	n/a
Net margin	-8.1%	0.1%	n/a
Diluted EPS	-$2.02	$0.03	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	769	444	n/a	n/a
Capital expenditure	122	79.9	n/a	n/a
Free cash flow	647	364	n/a	n/a
Free cash flow margin	17.3%	9.2%	n/a
Depreciation and amortisation	100	103	n/a	n/a
Share-based compensation	18.3	18.7	n/a	n/a
Buybacks	9.3	1.2	n/a	n/a
Dividends paid	122	121	n/a	n/a
Dividend per share	n/a	$0.81	n/a	n/a
Diluted shares, weighted	150m	151m	n/a	n/a
Shares outstanding at period end	154m	153m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	23,664	24,097	n/a	n/a
Cash and equivalents	449	348	n/a	n/a
Inventory	4,739	4,978	n/a	n/a
Goodwill	7,996	8,467	n/a	n/a
Long-term debt	6,102	6,100	n/a	n/a
Shareholders' equity	9,056	9,327	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	3,954	3,736	3,870	4,024	3,751	3,720	3,745	3,945	3,756	3,685	3,846	3,961
Cost of revenue	2,893	2,632	2,761	2,883	2,631	2,576	2,624	2,879	2,577	2,463	2,689	2,655
Gross profit	1,061	1,104	1,108	1,141	1,121	1,144	1,121	1,066	1,179	1,222	1,157	1,306
Gross margin	27%	30%	29%	28%	30%	31%	30%	27%	31%	33%	30%	33%
SG&A	792	833	852	826	790	843	852	870	790	802	878	944
Operating income	336	-78.8	321	383	398	125	128	26.7	35.6	228	84.8	499
Operating margin	8%	-2%	8%	10%	11%	3%	3%	1%	1%	6%	2%	13%
Interest expense	145	139	132	121	131	114	126	129	129	132	113	96.4
Pre-tax income	-57.0	-78.8	48.3	-22.1	89.5	125	128	26.7	35.6	228	84.8	499
Tax rate	n/a	n/a	60%	n/a	-2%	-55%	29%	-282%	-44%	31%	30%	30%
Net income	4.7	-304	19.5	-11.2	91.1	195	90.4	102	51.4	158	59.6	351
Net margin	0%	-8%	1%	-0%	2%	5%	2%	3%	1%	4%	2%	9%
Diluted EPS	$0.03	-$2.02	$0.13	-$0.07	$0.60	$1.29	$0.60	$0.67	$0.34	$1.04	$0.39	$2.33
Operating cash flow	444	769	-431	573	286	679	-420	214	221	956	-389	763
Capital expenditure	79.9	122	65.7	87.2	86.5	114	65.0	79.6	65.9	72.8	58.5	64.9
Free cash flow	364	647	-497	486	199	565	-485	135	155	883	-447	698
Buybacks	1.2	9.3	6.3	1.4	2.3	7.7	11.7	0.8	2.2	5.4	15.3	252
Dividends paid	121	122	122	122	124	124	124	124	126	126	126	124
Shares outstanding	153m	154m	154m	154m	154m	154m	155m	155m	155m	155m	155m	151m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 30 December 2023, filed 27 February 2024, accession 0000093556-24-000032: the filing on EDGAR. All of Stanley Black & Decker, Inc.'s filings: EDGAR company page.

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