Stanley Black & Decker reported its 2024 second quarter financial results on July 30, which showed a strong organic performance in DEWALT, Outdoor Products and Engineered Fastening.

SBD posted total sales of $4.0 billion, down 3% year-over-year as growth in its DEWALT, Outdoor Products and Engineered products was more than offset by the company’s previously announced infrastructure divestiture earlier this year and currency. 2Q organic sales grew 1% year-over-year.

The company’s 2Q gross margin of 28.4% jumped 600 basis points year-over-year, with adjusted gross margin of 29.2% up 560 bps.

SBD has a 2Q net profit of $11.2 million, while adjusted EBITDA margin of 10.7% was up 500 basis points year-to-year.

By SBD business unit in 2Q:

• Tools & Outdoor sales of $3.529 billion were flat year-over-year. Organic revenue rose by 1% in North America; fell by 3% in Europe; and improved 5% in the rest of the world. Adjusted segment margin of 10.4% was up 540 basis points year-over-year.
• Industrial sales of $496 million fell 20% year-over-year, with organic revenue down as a 2% pricing benefit was more than offset by -20% impact of lower volume — exclusively in Infrastructure. Adjusted segment margin of 13.5% was up 50 basis points from a year earlier.

SBD’s 2Q strong cash generation and proceeds from Infrastructure Divestiture supported the company’s $1.2 billion debt reduction.

Looking forward, SBD’s updated 2024 full-year guidance calls for total organic sales growth in the low single digits, with adjusted EBITDA margin of 10.7%.