The company completed two acquisitions in 2021 as part of its plan to focus on its consumer tool businesses.
Stanley paid $375 million for Excel Industries, a Kansas-based manufacturer of commercial lawn mowers, pressure washers and portable generators under the Hustler and BigDog brands.
The company also spent $1.6 billion to buy the remaining 80% of garden equipment maker MTD Holdings that it did not already hold.
At the same time, Stanley decided to sell most of its commercial security business for $3.2 billion to Sweden’s Securitas AB.
The company agreed to sell its automatic doors business, Access Technologies, to Allegion plc (New York symbol ALLE) for $900 million. The sale is part of its strategy to focus on its main tools and industrial products businesses. The company aimed to use the cash to fund share repurchases.
In addition, Stanley has decided to sell its oil and gas operations, which make equipment for pipeline builders and inspectors, to Pipeline Technique Ltd. This unit’s 2021 revenue of $140 million accounted for just 1% of Stanley’s total revenue. The sale is part of its plan to focus on its main tools and industrial products businesses.
The company has not yet said how much it will receive. However, the deal will result in a non-cash charge of between $125 million and $200 million.
Value Stocks: Cost cutting should support the long-term dividend record
With the September 2022 payment, Stanley raised your quarterly dividend by 1.3%. Investors now receive $0.80 a share instead of $0.79. The new annual rate of $3.20 a share yields 3.6%. The company has now lifted its dividend each year for the past 55 years.
In response to rising costs for steel, labour and other inputs—and while consumers are buying fewer tools and other products in response to rising inflation and interest rates—Stanley announced a new restructuring plan to lower its costs and improve efficiency. The company is therefore cutting about 1% of its workforce and expects the plan saved it between $150 million and $200 million in 2022. Those savings should rise to $1 billion by the end of 2023, and reach $2 billion by 2025.
Rising costs will probably cut Stanley’s 2022 earnings by 58% to $4.38 a share. Meanwhile, the stock trades at a reasonable 20.4 times that estimate. However, the new cost-cutting plan could boost earnings to $7.50 a share in 2024.
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