Document

附錄99.1

史丹利黑人德克報告了2024年第三季度的業績

隨著供應鏈轉型持續推動毛利率擴張，第三季毛利率較去年同期增加

強勁的第三季現金生成支持我們持續的資本配置重點，專注於股東分紅派息和進一步償還債務。

2024年10月29日，康涅狄克州新不倫瑞克市。史丹利百科利公司（紐交所：SWK）全球工具和戶外領域的領導者史丹利百科利公司今天宣佈了2024年第三季度財報。

•第三季營業收入為38億美元，較去年同期下降5％，因DEWALT的增長被混合的終端市場需求所抵消；基礎設施出售對營收增長造成了-2％的影響

•第三季毛利率為29.9％，較去年同期增加310個基點；調整後毛利率*為30.5％，較去年同期增加290個基點

•第三季度的GAAP每股收益為0.60美元；調整後的每股收益*為1.22美元。

•第三季度營運活動現金流量為2,8600萬美元，自由現金流*約為2,0000萬美元

•將GAAP每股收益區間縮小至$1.15至$1.75（從$0.90至$2.00），並將調整後每股收益區間修正為$3.90至$4.30（從$3.70至$4.50）；重申自由現金流*區間為$65000萬至$85000萬

•公司將於2024年11月20日舉行資本市場日，更多細節將在公司網站上提供。

史丹利百能總裁兼執行長唐納德·艾倫Jr.評論說：“在第三季度，我們繼續實現毛利率的改善以及強勁的現金產生，所有這些都是基於我們對運營優先事項的堅定執行。盡管消費者和汽車生產環境疲弱導致有機營業收入受到影響，但我們抓住相對的亮點，實現了DEWALt連續第六個季度的增長，以及航太細木工螺絲銷售增長。

「我們仍然專注於針對我們主要控制的領域執行：我們的供應鏈轉型和加速股份獲得。這項轉型將繼續改變我們的成本結構，並為新增長投資提供資金，這些投資將共同加強我們強大的品牌，加速創新，並加強我們的市場激活，以抓住行業中引人注目的長期機遇。

史丹利黑碧嘉憑藉員工和企業文化的力量打造，更加專注於我們核心市場領導地位的執行。

*依據第6頁進一步定義的非依據普通會計原則的財務指標

附錄99.1

透過我們的策略，我們正使公司能夠提供更高水平的有機營業收入增長、盈利能力和現金流，以推動強勁的長期股東回報。

公司的主要多年戰略焦點仍然不變：

•透過推動創新、電氣化和全球市場滲透，實現有機營業收入增長是市場的2到3倍。

•優化和簡化組織，並投資於更直接影響我們客戶和最終用戶的倡議。

•通過加快運營和供應鏈轉型，提高填充率，並更好地與客戶需求匹配，將調整後毛利率*恢復到歷史上的35%以上水平

•優先考慮現金流產生和庫存優化

3Q’24 重點:

•本季的淨銷售額為38億美元，比去年同期下降5％，因價格（+1％）被成交量（-3％）、貨幣（-1％）和先前宣布的製造行業拆售（-2％）所抵銷。

•本季毛利率為29.9％，比去年同期的26.8％提高了310個基點。調整後的毛利率*為30.5％，比去年同期提高了290個基點，主要是由於供應鏈轉型。

•本季銷售中SG&A費用占21.2%，較去年同期的20.1%增加。除去費用後，調整後的SG&A費用*占銷售的20.8%，較去年同期的19.3%增加，因為公司增加了旨在提供未來市佔率增長的投資。

•持續營運的淨收入佔銷售額的2.4%，較去年的0.1%高。第三季EBITDA*佔銷售額的8.6%，較上一年的4.8%高。第三季調整後的EBITDA*佔銷售額的10.8%，比去年高出140個基點。

•第三季度營運活動現金為28600萬美元。第三季度的自由現金流約為20000萬美元，有助於第三季度減少約10000萬美元的債務。

*依據第6頁進一步定義的非依據普通會計原則的財務指標

附錄99.1

3Q’24各分部業績


(1 美元n M)
	銷售	部分利潤	充電es1	經調整的部分利潤*	區段利潤	經調整的區段利潤*
工具及戶外用品	$3,263	$327.5	$35.5	$363.0	10.0%	11.1%

工業	$488	$70.2	$(2.6)	$67.6	14.4%	13.9%

1 查看非依法調整項目第4頁

•工具與戶外淨銷售較2023年第三季度下降了3%，這是由成交量（-3%）和貨幣（-1%）所驅動，部分被價格（+1%）部分抵銷。有機營業收入下降了2%，因為DEWALT的增長被疲弱的消費和DIY背景所抵銷。區域型有機營業收入*分別為：北美（-4%），歐洲（+1%）和其他地區（+6%）。工具與戶外部門利潤率為10.0%，較去年同期提高了190個基點。調整後的部門利潤率*為11.1%，較2023年第三季度提高了180個基點，主要是由於供應鏈轉型帶來的益處，部分抵消了增長投資。

•工業淨銷售額較2023年第三季下降18％，主要受到製造行業出售業務（-17％）和成交量（-2％）的影響，部分抵銷了價格（+1％）的增加。精密固定的有機收入*下降1％，由於航空航天擴張和一般工業增長的回歸超過了汽車市場的軟弱。工業部門利潤率為14.4％，較去年10.4％提高了400個基點。經調整的部門利潤*為13.9％，較2023年第三季提高了170個基點，這是由於價格實現和成本控制。

全球成本削減計畫支持毛利率擴張

公司繼續執行一系列項目，預計到2024年底可產生15億美元的稅前全年成本節省，到2025年底達到20億美元。在20億美元的節省中，預計有15億美元是透過供應鏈轉型來實現，該轉型利用戰略採購，推動運營卓越，合併設施並優化分銷網絡，同時減少產品組合的複雜性。

這些行動預計將調整後的毛利率*恢復至歷史水平的35%以上。此外，全球貨幣成本削減計畫預期將優化公司的成本基礎，以資助加快核心業務增長的投資。

*依據第6頁進一步定義的非依據普通會計原則的財務指標

附錄99.1

全球貨幣降本計劃在2024年第三季度產生了10500萬美元的增量稅前運行成本節省。自2022年中期該計劃的開始以來，公司已經實現了大約14億美元的稅前運行率節省，並將庫存減少了超過20億美元。

2024年前景

帕特里克·D·哈里南，執行副總裁兼首席財務官，評論道：「我們的毛利率在第三季度與去年同期和2024年上半年相比有實質性的擴張，這得益於我們供應鏈轉型的紀律執行，我們仍然堅定地朝着全年約30%的調整後毛利率*的目標努力。」截至目前，我們能夠提供約20000萬美元的自由現金流*，支持我們的資本配置優先事項，包括股息和債務減少，以及再投資於增長計劃。展望未來，我們將繼續專注於執行進一步的供應鏈改進，以實現35%+的調整後毛利率*目標，支持額外的增長投資並提高盈利能力。我們的首要任務仍然是提供盈利率擴張、現金生成和資產負債表實力，以使公司爲長期增長和價值創造做好準備。

管理層正在縮小2024年EPS指導範圍，GAAP EPS預計在$1.15至$1.75之間（調整前爲$0.90至$2.00），調整後的EPS*預計在$3.90至$4.30之間（調整前爲$3.70至$4.50）。自由現金流*將維持在大約$65000萬至$85000萬。

2024年根據美國通用會計準則（GAAP）和調整後的每股收益（EPS）*指引之間的差異約爲2.55至2.75美元，主要包括與全球成本削減計劃下的供應鏈轉型相關的費用、環保母基儲備調整以及品牌減值費用。

非通用會計準則調整

2024年第三季度的總稅前非GAAP調整金額爲10590萬美元，主要與非現金減值費用、業務調整和與供應鏈轉型相關的其他成本以及重組成本有關。毛利潤中包括2480萬美元的費用，而銷售及行政費用中包括1510萬美元。其他方面淨額中包含淨收益300萬美元，重組費用中包含2210萬美元的費用。此外，公司在2024年第三季度確認了4690萬美元的非現金資產減值費用。

*非通用會計原則財務指標如第6頁進一步定義

第99.1展示文本

收益網絡廣播

Stanley Black & Decker將於2024年10月29日上午8:00在Et舉辦與投資者的網絡研討會。會議將附有幻燈片演示，可在公司網站"投資者"版塊www.stanleyblackanddecker.com/investors上查看，並在會議後繼續提供。

看漲將通過實時、僅供收聽的網絡直播或電話會議提供。可以在公司網站的「投資者」部分找到訪問網絡直播、註冊電話會議以及查看附帶幻燈片演示的鏈接。 www.stanleyblackanddecker.com/investors 在「資訊與活動」的小標題下。在通話兩小時後也將提供回放，並可以在斯坦利百利公司網站的「投資者」部分訪問。

關於斯坦利黑輪迪公司

成立於1843年，總部位於美國的Stanley Black & Decker (紐交所: SWK) 是全球工具和戶外領域的領導者，在全球範圍內運營製造工廠。該公司約有50,000名員工生產創新的、以最終用戶爲靈感的電動工具、手動工具、儲存設備、數字化工地解決方案、戶外和生活方式產品以及工程緊固件，以支持全球的建築商、技工和DIY愛好者。公司擁有一流的備受信賴品牌組合，包括DEWALT®、CRAFTSMAN®、STANLEY®、BLACK+DECKER®和Cub Cadet®。欲了解更多信息，請訪問：www.stanleyblackanddecker.com，或在Facebook、Instagram、LinkedIn和X上關注Stanley Black & Decker。

*非通用會計原則財務指標如第6頁進一步定義

第99.1展示文本

投資者聯繫方式：


Dennis Lange			克里斯蒂娜·弗朗西斯（Christina Francis）
投資者關係副總裁			投資者關係董事
dennis.lange@sbdinc.com			christina.francis@sbdinc.com
(860) 827-3833			(860) 438-3470

媒體聯繫人:

黛博拉·雷蒙德

公共關係副總裁

debora.raymond@sbdinc.com

(203) 640-8054

非依照普遍公認會計准則的財務措施

有機營收或有機銷售定義爲總計當前年度和前一年度銷售額之間的差異，扣除過去十二個月內收購和剝離的公司以及任何外幣影響。有機營收增長、有機銷售增長或有機增長爲有機營收或有機銷售除以前一年度銷售額。毛利潤定義爲銷售額減去銷售成本。毛利率爲毛利潤佔銷售額的比例。部門利潤定義爲銷售額減去銷售成本和銷售、總務和行政費用（除企業總部開支之外）。部門利潤率爲部門利潤佔銷售額的百分比。EBITDA爲利息、稅項、折舊和攤銷前收益。EBITDA利潤率爲EBITDA佔銷售額的百分比。毛利潤、毛利率、銷售、部門利潤、部門利潤率、收益、EBITDA和EBITDA利潤率根據特定的收益和費用進行調整，如環境費用、供應鏈轉型成本、收購和剝離相關項目、資產減值、重組和其他調整項目。管理層使用這些指標作爲評估公司整體表現的關鍵指標，以及衡量部門級別相關指標。調整後每股收益或調整後EPS是指排除特定收益和費用後的攤薄GAAP每股收益。自由現金流定義爲經營活動現金流減去資本和軟件支出。管理層認爲自由現金流是其流動性和資金支持未來增長以及向股東提供回報的重要指標，也是投資者有用的信息。自由現金流不包括強制債務償還、其他借款活動、公司普通股的自由分紅和業務收購等扣除項目。自由現金流轉化定義爲自由現金流除以淨利潤。非GAAP的利潤表和業務部門信息在第12至16頁和業績電話會議幻燈片附錄中與GAAP進行了調整，可在http://www.stanleyblackanddecker.com/investors上找到。公司認爲上述非GAAP財務指標的使用有助於分析和了解公司的成果、業務趨勢和展望措施，除了特定收益和費用的重要影響，還能確保與先前時期的運營結果適當可比。

公司還提供了調整了每股收益的非通用會計原則財務指標的預期，該指標以排除特定收益和費用爲基礎，並提供了自由現金流。第4頁將預測的調整後每股收益與預測的通用會計原則每股收益進行了調和。由於現金流量影響因素的高度變化和難以預測，預測的自由現金流量與其最直接可比的通用會計準則估計的調和被省略。公司認爲這樣的調和也意味着對這一前瞻性指標使用不當的一定程度的精度。

*Non-GAAP Financial Measure As Further Defined On Page 6

Exhibit 99.1

CAUTIONARY STATEMENTS

Under the Private Securities Litigation Reform Act of 1995

This document contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, any projections or guidance of earnings, revenue, profitability or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new products, services or developments; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements may include, among others, the words “may,” “will,” “estimate,” “intend,” “could,” “project,” “plan,” “continue,” “believe,” “expect,” “anticipate”, “run-rate”, “annualized”, “forecast”, “commit”, “goal”, “target”, “design”, “on track”, “position or positioning”, “guidance” “looking forward” or any other similar words.

Although the Company believes that the expectations reflected in any of its forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of its forward-looking statements. The Company's future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, such as those disclosed or incorporated by reference in the Company's filings with the Securities and Exchange Commission.

Important factors that could cause the Company's actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in its forward-looking statements include, among others, the following: (i) successfully developing, marketing and achieving sales from new products and services and the continued acceptance of current products and services; (ii) macroeconomic factors, including global and regional business conditions, commodity prices, inflation and deflation, interest rate volatility, currency exchange rates, and uncertainties in the global financial markets related to the recent failures of several financial institutions; (iii) laws, regulations and governmental policies affecting the Company's activities in the countries where it does business, including those related to tariffs, taxation, data privacy, anti-bribery, anti-corruption, government contracts and trade controls such as section 301 tariffs and section 232 steel and aluminum tariffs; (iv) the economic, political, cultural and legal environment in Europe and the emerging markets in which the Company generates sales, particularly Latin America and China; (v) realizing the anticipated benefits of mergers, acquisitions, joint ventures, strategic alliances or divestitures; (vi) pricing pressure and other changes within competitive markets; (vii) availability and price of raw materials, component parts, freight, energy, labor and sourced finished goods; (viii) the impact that the tightened credit markets may have on the Company or its customers or suppliers; (ix) the extent to which the Company has to write off accounts receivable, inventory or other assets or experiences supply chain disruptions in connection with bankruptcy filings by customers or suppliers; (x) the Company's ability to identify and effectively execute productivity improvements and cost reductions; (xi) potential business, supply chain and distribution disruptions, including those related to physical security threats, information technology or cyber-attacks, epidemics, natural disasters or pandemics, sanctions, political unrest, war or terrorism, including the conflicts between Russia and Ukraine, and Israel and Hamas, and tensions or conflicts in South Korea, China, Taiwan and the Middle East; (xii) the continued consolidation of customers, particularly in consumer channels, and the Company’s continued reliance on significant customers; (xiii) managing franchisee relationships; (xiv) the impact of poor weather conditions and climate change and risks related to the transition to a lower-carbon economy, such as the Company's ability to successfully adopt new technology, meet market-driven demands for carbon neutral and renewable energy technology, or to comply with changes in environmental regulations or requirements, which may be more stringent and complex, impacting its manufacturing facilities and business operations as well as remediation plans and costs relating to any of its current or former locations or other sites; (xv) maintaining or improving production rates in the Company's manufacturing facilities, responding to significant changes in customer preferences or expectations, product demand and fulfilling demand for new and existing products, and learning, adapting and integrating new technologies into products, services and processes; (xvi) changes in the competitive landscape in the Company's markets; (xvii) the Company's non-U.S. operations, including sales to non-U.S. customers; (xviii) the impact from demand changes within world-wide markets associated with homebuilding and remodeling; (xix) potential adverse developments in new or pending litigation and/or government investigations; (xx) the incurrence of debt and changes in the Company's ability to obtain debt on commercially reasonable terms and at competitive rates; (xxi) substantial pension and other postretirement benefit obligations; (xxii) potential regulatory liabilities, including environmental, privacy, data breach, workers compensation and product liabilities; (xxiii) attracting, developing and retaining senior management and other key employees, managing a workforce in many jurisdictions, labor shortages, work stoppages or other labor disruptions; (xxiv) the Company's ability to keep abreast with the pace of technological change; (xxv) changes in accounting estimates; (xxvi) the Company’s ability to protect its intellectual property rights and to maintain its public reputation and the strength of its brands; (xxvii) critical or negative publicity, including on social media, whether or not accurate, concerning the Company’s brands, products or initiatives, and (xxviii) the Company’s ability to implement, and achieve the expected benefits (including cost savings and reduction in working capital) from its Global Cost Reduction Program including: continuing to advance innovation, electrification and global market penetration to achieve organic revenue growth of 2-3 times the market; streamlining and simplifying the organization, and investing in initiatives that more directly impact the Company's customers and end users; returning adjusted gross margins* to historical 35%+ levels by accelerating the supply chain transformation to leverage strategic sourcing, drive operational excellence, rationalize manufacturing and distribution networks, including consolidating facilities and optimizing the distribution network, and reduce complexity of the product portfolio; improving fill rates and matching inventory with customer demand; prioritizing cash flow generation and inventory optimization; executing the SBD Operating Model to deliver operational excellence through efficiency, simplified organizational design; and reducing complexity through platforming products and implementing initiatives to drive a SKU reduction.

Additional factors that could cause actual results to differ materially from forward-looking statements are set forth in the Annual Report on Form 10-K and in the Quarterly Reports on Form 10-Q, including under the headings “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in the Consolidated Financial Statements and the related Notes.

Forward-looking statements in this press release speak only as of the date hereof, and forward-looking statements in documents that are incorporated by reference herein speak only as of the date of those documents. The Company does not undertake any obligation or intention to update or revise any forward-looking statements, whether as a result of future events or circumstances, new information or otherwise, except as required by law.