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- **Strategic Growth**: DEWALT brand expansion and supply chain diversification drive 31.6% gross margin (up 110bps YoY). 
- **Cost Efficiency**: $1.9B cumulative cost savings, targeting $2B by year-end. 
- **Tariff Mitigation**: Reduced China reliance to <10%, aiming for <5% by 2026. 
- **2026 Outlook**: Gross margin expansion to ~33%, with platforming and lean manufacturing as key levers. 
- **Cash Generation**: Full-year free cash flow target $600M, capital allocation focused on debt reduction and dividend support.

**【CEO Summary Section】**
- **Strategic Focus**: Emphasized three imperatives—activating brands with purpose, driving operational excellence, and accelerating innovation. DEWALT brand growth driven by trade specialists and product innovations. 
- **Financial Targets**: Aiming for 35%+ adjusted gross margin by Q4 2026 and $2 billion cumulative cost savings by end-2025. 
- **Q3 Performance**: Total revenue $3.3B (flat YoY), adjusted gross margin 31.6% (+110bps YoY), adjusted EBITDA margin 12.3% (+150bps YoY). DEWALT brand showed top-line growth across all product lines. 
- **Tariff Mitigation**: Reduced U.S. supply from China to <10% (from 15% in 2024), targeting <5% by end-2026. 

**【CFO Financial Commentary】**
- **Gross Margin Expansion**: Q3 adjusted gross margin 31.6%, up 110bps YoY, driven by pricing and supply chain efficiencies. Full-year 2025 target ~31%, 2026 outlook for ~33%+. 
- **Cost Reduction Progress**: $1.9B cumulative pretax cost savings since 2022, on track for $2B by end-2025. Q3 incremental savings $120M. 
- **Free Cash Flow**: Q3 $55M, full-year target $600M. 2025 capital expenditures ~$300M. 
- **Tariff Impact**: Q3 gross margin partially offset by $169M noncash asset impairments (e.g., LENOX, Troy-Bilt). 

**【Q&A Highlights】**
- **Volume & Pricing Dynamics**: Q3 volume down 6% (price up 5%), Q4 expects flat organic sales. 2026 gross margin expansion driven by platforming, lean manufacturing, and tariff mitigation. 
- **Supply Chain Shifts**: Moving 15% of U.S. supply out of China by mid-2026, targeting <5% by end-2026. 
- **Inventory Management**: 2026 target for $200M+ working capital reduction, focusing on receivables and inventory. 
- **Housing Market**: Positioned to benefit from future housing policy changes, with strong DEWALT share in professional trades. 
- **Tariff Relief**: 10% reduction in China tariffs has minimal impact on 2026 strategy, but provides slight Q4 benefit (~low single-digit millions).

Stanley Black & Decker, Inc. (SWK) Q3 2025 Earnings Call Transcript

- **Leadership Transition**: Chris Nelson to become CEO October 1, 2025; Don Allan transitions to Executive Chair.
- **Q2 Performance**: $3.9B revenue (-2% YoY), adjusted EPS $1.08 (beat). DEWALT growth resilient, outdoor season slow.
- **Tariff Mitigation**: $800M annualized tariff impact, 2025 net P&L impact $0.65. 2026 target: <5% China production, 35%+ gross margin.
- **Gross Margin Recovery**: Q3 +1.5-2 pts, Q4 +2+ pts. 2026 H2 to reach 35%+.
- **Cash Flow & Savings**: $135M Q2 free cash flow, $500M 2025 cost savings (total $1.8B since 2022).

**【Management Opening Remarks】**
- Don Allan, outgoing CEO, announced Chris Nelson as new CEO effective October 1, 2025. Allan highlighted the company's 3-year transformation: $2.6 billion in portfolio simplification, supply chain cost savings, and margin improvement. Allan emphasized the company's focus on DEWALT growth, tariff mitigation, and 2026 deleveraging goals.

**【CEO (Chris Nelson) Business Update】**
- Q2 2025 revenue: $3.9 billion (-2% YoY). Tools & Outdoor segment organic revenue down 3% due to slow outdoor season and tariff disruptions. DEWALT brand growth resilient, with 2+ years of consecutive product line expansion. Gross margin at 27.5% (-300 bps YoY) due to tariffs, partially offset by price actions and supply chain savings. Q2 marked low point for gross margins, with plans to improve in H2.
- Tariff mitigation strategy: accelerate USMCA compliance (target <5% China production by 2026), judicious pricing (second modest increase in Q4), and rare earth supply diversification. Aerospace segment (+20% YoY) driving Engineered Fastening growth.

**【CFO (Pat Hallinan) Financial Commentary】**
- Q2 2025: Adjusted EPS $1.08 (beat expectations), free cash flow $135 million. Full year guidance: GAAP EPS $3.45, adjusted EPS $4.65. 2025 organic revenue flat YoY, with H2 flat. Gross margin improvement in Q3 (+1.5-2% pts) and Q4 (+2+ pts). 2025 cost savings target $500 million (total $1.8 billion since 2022). 2026 gross margin target 35%+.
- Tariff impact: $800 million annualized (pre-mitigation), net P&L impact $0.65 in 2025. 2026 recovery expected through pricing and supply chain adjustments.

**【Q&A Highlights】**
- **Gross Margin Outlook**: Q3 33-34%, Q4 34-35%, with 35%+ achievable in 2026 H2. Tariffs delayed margin trajectory by 9-12 months.
- **Pricing Strategy**: Q2 price realization 2%, Q4 modest increase. Elasticity 1:1 price/volume, no demand shift post-increments.
- **Supply Chain**: 95%+ USMCA compliance by 2026, <5% China production. Rare earth diversification underway.
- **Outdoor Recovery**: July demand pickup, 2025 outdoor decline ~1% YoY. DEWALT share gains offset DIY weakness.


Stanley Black & Decker, Inc. (SWK) Q2 2025 Earnings Call Transcript

- **Q1 Growth Despite Tariffs**: +1% organic revenue, 30.4% gross margin (up 140bps) vs. prior year.
- **FY25 Headwinds**: $0.75 EPS tariff impact, offset by $140M price/supply chain savings.
- **Supply Chain Flexibility**: 60% U.S.-sourced, 15% China (target: 0% China in 2 years).
- **Q2 Challenges**: $0.20 EPS LIFO charge, flat to down 1% organic.
- **Long-Term Vision**: 35%+ gross margin by 2025, $2B annual savings.

**【CEO Opening Remarks】**
- Q1 2025 organic revenue grew 1%, driven by DEWALT's 8th consecutive quarter of growth and strong outdoor shipments. Adjusted gross margin expanded 140bps to 30.4%, despite tariff headwinds.
- FY25 target: $2B cost savings, with $1.7B achieved to date. 2025 net EPS headwind from tariffs: $0.75, partially offset by price increases and supply chain shifts.
- U.S. production mix: 60% North America-sourced, 15% China (down from 40% in 2022). Mexico USMCA compliance: ~30%, targeting full conversion in 12-24 months.

**【COO Chris Nelson: Segment Performance】**
- **Tools & Outdoor**: +1% organic growth, 9.6% segment margin (vs. 8.5% last year). Power tools down 2% (DIY softness), hand tools +1%, outdoor +6%.
- **Engineered Fastening**: -1% organic (auto sector weakness), 10.1% margin (down 200bps). Aerospace +15%, industrial +1%.
- FY25 price/mix: ~5% growth offset by 2% volume decline (tariff-driven).

**【CFO Pat Hallinan: Financial Outlook】**
- Q2 2025: Flat to low-single-digit organic revenue, $0.10-0.15 EPS (LIFO tariff charge ~$0.20). FY25: $4.50 EPS (vs. $5.25 pre-tariff).
- Free cash flow: $500M+ (net of $485M Q1 outflow). 2025 capex: ~$500M (60% growth-related).
- Tariff mitigation: 70% via price, 30% via supply chain. 2025 SG&A savings: $125M+.

**【Q&A Highlights】**
- **Tariff Mitigation Timing**: 75% of non-China supply from 4 ASEAN countries. Full China exit for U.S. business in 12-24 months.
- **Customer Inventory**: Retailer inventories normalized, no broad destocking expected. Q2 LIFO charge: $0.20 EPS.
- **Price Elasticity**: 1% volume decline = $0.13 EPS impact. 2025 U.S. tools volume: -4% (back-half weighted).

Stanley Black & Decker (SWK)-30 Apr 25-2025 Q1 Earnings call transcript

- **2024 Financial Success**: $15.4 billion revenue, $1.6 billion EBITDA, and $4.36 EPS, with 400 basis points margin expansion.
- **2025 Growth Targets**: Mid-single-digit organic growth, >35% gross margin, and $5.25 EPS (±$0.50).
- **Tariff Resilience**: Mitigate 10% China tariffs to $10-$20 million net impact through supply chain and pricing actions.
- **Investment Priorities**: $100 million in innovation, DEWALT share gain, and US manufacturing expansion.

**【CEO Summary Section】**
- **2024 Performance Highlights**: Full-year revenue of $15.4 billion (flat organically), adjusted EBITDA of $1.6 billion (10.1% margin), and adjusted EPS of $4.36. Fourth-quarter revenue was $3.7 billion (flat year-over-year), with adjusted gross margin of 31.2% and EPS of $1.49.
- **Gross Margin Expansion**: Full-year adjusted gross margin expanded 400 basis points to 30%, driven by supply chain transformation. Fourth-quarter margin was 31.2%, up 140 basis points year-over-year.
- **2025 Outlook**: Base case EPS of $5.25 (±$0.50), free cash flow of $650-$850 million. Targeting mid-single-digit organic growth in a low-single-digit market, with adjusted gross margins >35%.
- **Tariff Mitigation**: Potential 10% tariffs on China imports could create $90-$100 million headwind, but expect to mitigate to $10-$20 million net impact through supply chain repositioning and pricing.

**【CFO Financial Commentary】**
- **2024 Financials**: Free cash flow of $750 million (up $200 million year-over-year), $1.1 billion debt reduction, and $1.5 billion cumulative pre-tax cost savings since transformation began.
- **2025 Guidance**: Target $2 billion pre-tax cost savings by end-2025, with $1.5 billion from supply chain initiatives. SG&A as a percentage of sales expected to remain around 22%.
- **Tariff Impact**: Unmitigated 10% tariffs on China imports could reduce 2025 EBITDA by $90-$100 million, but expect to offset through pricing and supply chain changes.

**【Q&A Key Highlights】**
- **Gross Margin Expansion**: 2025 full-year margin expansion of ~250 basis points, with 100+ basis points in first half and 300+ in second half. Fourth-quarter 2025 target: 34%-35% gross margin.
- **SG&A Investments**: $100 million incremental investment in innovation and market activation, with SG&A as a percentage of sales ~22%.
- **Share Gain Strategy**: DEWALT seventh consecutive quarter of growth, targeting 200-300 basis points above market in mid-term. Focus on professional tools, aerospace, and industrial fasteners.
- **Tariff Mitigation Plan**: Accelerate US COGS out of China (currently 15%), use pricing to offset near-term impacts, and engage with policymakers.
- **Promotional Environment**: 2024 promotional activity was accretive, with focus on high-margin products. 2025 promotional strategy will balance growth and margin management.

Stanley Black & Decker, Inc. (SWK) Q4 2024 Earnings Call Transcript

Stanley Black & Decker (SWK)-29 Oct 24-2024 Q3 Earnings call transcript

Stanley Black & Decker (SWK)-30 Jul 24-2024 Q2 Earnings call transcript

Stanley Black & Decker (SWK)-2 May 24-2024 Q1 Earnings call transcript

Stanley Black & Decker (SWK)-1 Feb 24-2023 Q4 Earnings call transcript

Stanley Black & Decker (SWK)-27 Oct 23-2023 Q3 Earnings call transcript

Stanley Black & Decker (SWK)-1 Aug 23-2023 Q2 Earnings call transcript

Stanley Black & Decker (SWK)-4 May 23-2023 Q1 Earnings call transcript

Stanley Black & Decker (SWK)-2 Feb 23-2022 Q4 Earnings call transcript

Stanley Black & Decker (SWK)-27 Oct 22-2022 Q3 Earnings call transcript

Stanley Black & Decker (SWK)-28 Jul 22-2022 Q2 Earnings call transcript

Stanley Black & Decker (SWK)-28 Apr 22-2022 Q1 Earnings call transcript

Stanley Black & Decker (SWK)-1 Feb 22-2021 Q4 Earnings call transcript

Stanley Black & Decker (SWK)-28 Oct 21-2021 Q3 Earnings call transcript

Stanley Black & Decker (SWK)-27 Jul 21-2021 Q2 Earnings call transcript

Stanley Black & Decker (SWK)-28 Apr 21-2021 Q1 Earnings call transcript

Stanley Black & Decker (SWK)-28 Jan 21-2020 Q4 Earnings call transcript

Stanley Black & Decker (SWK)-27 Oct 20-2020 Q3 Earnings call transcript

Stanley Black & Decker (SWK)-30 Jul 20-2020 Q2 Earnings call transcript

Stanley Black & Decker (SWK)-30 Apr 20-2020 Q1 Earnings call transcript

Stanley Black & Decker (SWK)-29 Jan 20-2019 Q4 Earnings call transcript

Stanley Black & Decker (SWK)-24 Oct 19-2019 Q3 Earnings call transcript

Stanley Black & Decker (SWK)-23 Jul 19-2019 Q2 Earnings call transcript

Stanley Black & Decker (SWK)-24 Apr 19-2019 Q1 Earnings call transcript

Stanley Black & Decker (SWK)-22 Jan 19-2018 Q4 Earnings call transcript

Stanley Black & Decker (SWK)-25 Oct 18-2018 Q3 Earnings call transcript

Stanley Black & Decker (SWK)-20 Jul 18-2018 Q2 Earnings call transcript

Stanley Black & Decker (SWK)-20 Apr 18-2018 Q1 Earnings call transcript

Stanley Black & Decker (SWK)-24 Jan 18-2017 Q4 Earnings call transcript

Stanley Black & Decker (SWK)-24 Oct 17-2017 Q3 Earnings call transcript

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