UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 8.01 | Other Events. |
The Company is updating its 2020 organic revenue planning assumptions versus the prior assumptions shared on July 30, 2020. This revised assumption is a result of stronger Tools & Storage demand across several geographies and channels, modest improvement in store inventory levels in US retail, and stronger trends within Security & Industrial. Our third quarter 2020 planning assumption is now high-teens organic growth in Tools & Storage versus the prior planning assumption of low to mid-single digit organic growth. For the total Company, this results in a third quarter 2020 planning assumption of 7% to 10% organic growth and a second half assumption of low to mid-single digit organic growth, above the high end of the prior second half range of -7.5% to flat. Additionally, as a result of this revised sales assumption, we currently expect improved operating leverage that will likely result in full year operating margin excluding M&A related and other charges to be relatively flat versus prior year.
Cautionary Statements Regarding Forward-Looking Statements
This current report on Form 8-K 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 any projections or guidance of earnings, revenue 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 other, the words “may,” “will,” “estimate,” “intend,” “continue,” “believe”, “expect,” “anticipate” 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, including the Annual Report on Form 10-K and in the Quarterly Report on Form 10-Q, including under the heading “Risk Factors,” “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 Form 8-K speak only as of the date hereof. The Company does not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Stanley Black & Decker, Inc. | ||
By: | /s/ Janet M. Link | |
Name: | Janet M. Link | |
Title: | Senior Vice President, General Counsel and Secretary |
Dated: August 28, 2020