SWK - Earnings call transcript Q1 2020 | Stanley Black & Decker, Inc.

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Operator

Welcome to the First Quarter 2020 Stanley Black & Decker Earnings Conference Call. My name is Shannon and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Please note that this conference is now recorded.

the Dennis to Lange. turn of Vice now Relations, Investor will call the over President I Mr. Lange, may you begin.

Dennis Lange

XXXX call. Thank you, for Decker's us thanks for quarter Shannon. Good morning, Stanley everyone, Black and joining first conference &

President On the to and and addition call, President Allan, Vice and Jim Executive myself, Don CFO. CEO, is in Loree,

replay which available release, to A release. during refer and which this this on in Our our are will IR of issued earnings of morning our and replay access the will available call, are call we earlier was a the section press code AM number supplemental also presentation, at beginning morning's the today. website. be The XX:XX

matters Don review quarter Jim followed XXXX and a morning, This Q&A will session. various our first by other results and

calls, risk to call involve in going X-K any one we are Such our do, not and filing. we and release statements sticking with prior press events forward-looking that accurate most that caller. XX make filed our that recent It's as forward-looking direct that the therefore with they Act statements actual prove some based assumptions differ based results the making may to statements such on be we're statements as we might be just And to during We with our today. on from will the possible cautionary normally may of per you future question views. materially Consistent uncertainty. current we our and in be

Jim to President CEO, the Loree. over turn call our now I'll and

James Loree

from our begin to I'd passage And most short good Dennis. Thanks, everyone. a like morning, shareholder letter. with

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of describes called I consider "This and be thrive it can as what New now an of the strategies and all in World believe tactics individuals institutions time, can opportunities, change accelerating exciting have Disorder It's what the XXXXs. risks of always leaders absorb." to the and full what of we to the disruptive world pace will devise limits with pushing technological of institutions

to take what perhaps thought win "In were XXXX, will in in the unusually XXXX it volatile we conditions put blessed by we deal much having to we XXXX. into with environment and this and faced

now pronounced fitness For have of challenges the may encountered XXXXs." structural with been and more Ironically, and reasons, diversified feel endured blessed take them the and recent through external global them that most mindset to we than have industrials. experienced have our by a on we emerged challenges

earlier tackle The would VUCA cetera, of imagined. ever than no one I et truly fitness the had could finishing touches real understand several jarringly. behavior, markets, struck and next and And letter weeks expect exactly could globe. the team have on economy, the did to in impact fully impact It suddenly health challenge forcefully management February mindset it have and while XXXXs, put devastating COVID-XX. global COVID-XX time unfold public been shareholder the more consumer the of before began to our our across on and to the that how what first policy, world the arrived X, great

four, and financial business virus our serving services employees continuity provide partners; the and essential and customers decisively the across maintaining the part our globe. three, of doing We establish safety to acted swiftly impact one and and who Chain help two, world; mitigate stability; key priorities, the our health strength and and products including ensuring to – – to supply the of

stakeholders of and our clarity actions These to people a to company, in create communities. customers, people, leaders time our the our crisis. our protect Through we for our take and priorities necessary our empowered that our framework,

First health and of and most chain the and important supply safety is our employees partners. our

in a to lockdown. globe essential of around manufacture provider of products the the and As world, we been provide the continuously services products permitted since and have the inception to locations services most

and returning It masks XX distancing, quarantining our early mandatory hand from protect China measures screening, exposed operating other anyone to social situations. We February. PPE, frequent took including of high in sanitizing risk in travel Chinese began Year our there plants or temperature use New to X,XXX after automatic of with other continuously extreme there, international workers and

addition, able who work do were were required Chinese employees In so. to virtually to all

precautions These had for testing China positive that an effective have we she date instance so one recovered. has known were to in employee only of And COVID-XX.

to safety us the our in safety a as That it based practices operations early worked around virus applying China China managing way proved enabled its to protocol as global critically learning our establish the on world. standardized in useful

XX,XXX distribution positive We to than it we each date. as manufacturing globally, and test track approximately workers employee case develops. XX Among fewer have continuously had

immediately of DCs detected with and a sanitizing temporary locations voluntarily shutdown spread, nine where home period. we within of one quarantine. notable XXX were a have cases a only We had employees a majority for mandatory XX-day effected factories that out We've and any of few facility the sent had plus our XX-day although for and

we and our people. comprising safety company, than XXX the we've to total the less importance For employees had COVID-XX, for protecting XX,XXX associates, on positive our test testament place approximately culture a

disruptions. safety supply minor to level crisis, a are to and largely virus, at recognize the respect That far only functioned with commitment working. health change has quickly situation can few during our with And enabled providing and this safety business supply while and has us a execution that thus that measures high the chain continuity, we maintain relatively

process. day-to-day management a is This

at so so However, we point, far, can say, this good.

into our full-year results a coming we revenue strong position we disruptions And anticipating Not and remain outlook impact the negatively and, the demand strong the we driven financial overall were in therefore, financial today. COVID-XX will surprisingly, crisis are in as XXXX. for company,

here's relative into Overall our as what US. was we've seen was January Asia, demand. that and January issued February to in then withdrawn with lockdown unfolded now consistent the demand the And March and in guidance Europe in

fell European globe, into well and similar orders aerospace volume General in Sell-in Italy, and down providing aggregate dried essential not Commercial deeper levels in services the Europe markets dynamics. major plants countries industry shutdown. in as XXXX/XXXX. and territory The France America experienced basically many industrial shut deep negative discretionary automotive essentially as at up than North were economies. closed emerging around Spain, the as non-essential their such products as and even and

California's e-commerce XX up other stay-at-home tools after a retail North centers to driving suit bright followed on US the in home was order. spot and as projects homebound stock American to states and March And POS. positive DIYers Most supplies, flocked

Retailers generally between to creating which gap sell-out opportunity sell-in, continued that took April. trim into a and inventories, has however, large

months. $XXX a $X savings and withdrew program today, we'll our deliver announced guidance the beyond efficiency of XXXX, result, billion cost we will that a reductions, variable As previously above be XX comprehensive for and recently and detailing cost the million reduction next in over year. And

in secondly, a raw manufacturing as adjust ensures our third, capture recovery match for to, substantially economy time; reduce The has indirect staffing manner appropriate deflation opportunity to at primary we're base the a spending; and the supply weakened. demand is that reduce the prepared the and chain emerged focus significant that one, environment; fourth, demand labor material current has

consideration given difficult a to company is on a are subsides, time necessary decisions this that with but executing to we recovery and we recognize seeing. being with employees, actions And it compassion, I demand reduced make to the decline said, position are as are that the that the capitalize in thoughtful these subside impact these actions will. well as work and as crisis

US preparing economies are America around is et speak. the production. seeing industries We beginning remarkably to and European or to auto rebooting resume, manufacturing resume as coming is up positive, greenshoots, in are the that either in weeks. reboot POS center world are are non-essential double-digits. North to e-commerce preparing suggesting to Home in cetera. we already permit Governments volumes and

see that, at in that. XXXX, we one a All it be of deep will the quarter albeit second trough suggests likely today, this as

this have We to and period flexibility the we believe through emerge navigate volatile even sufficient side. stronger other on

provide for wide of to more maintain unpredictable Don our detail a this and few the demand necessary and variety period. business during have initiated contingency will stress-test minutes. and and on in a color scenarios, operational financial foundation have a We plans actions these solid

best of as crisis globe face NGOs the challenges, the assist we mission important – our in impact are businesses, globe. today's to people, Also of communities is organization, taking together. the the and And this seeing mitigating do and we an are around the governments steps our are coming part. of in the around virus spread In our governments, humankind to

the ours deliver is right needs corporations align time and to how innovative Now we for help can the the world demonstrate resources societal to positive now. our impact like solutions

expertise participating difference in our force of resources make innovation and are ways, for We and a a and communities. number and financial operational our to in good using a our be

COVID-XX to support been of catastrophically relief contributing in by the the are who we start, and those virus. in globally To impacted have funds US

impact local our program, colleagues communities. to are their this we help matching all donations of part employee As globally an two-for-one make in

our for who employees of we virus In their are own those help need been in families setting financial relief and and impacted fund assistance. have a are to severely by the addition, up temporary

equipment needed. help to We acquire are our ways to chain at looking and is medical supply that scale PPE critical other use

purchased residents to facility, need we adult workers instance, X philanthropic vulnerable masks for and desperately protection. living frontline For million face who distribution

organization combat cross-functional have And expertise to on virus. to comprised force COVID-XX a focused the that response throughout develop we are solutions help leaders task our their leveraging of created

as and as Our teams hand shields emergency to other with on have develop face are printing DEWALT-powered portable workers respirator. sanitizer supplies, battery partnered healthcare working a well for companies XD

our those supporting functioning are are keep construction caregivers workers all who many healthy help and it and us teams factories, They the the the responders, frontline others. world, customers' and workers their to giving well. safe, in Our make first each especially

Their products the to make every in people world. to the services are work that and contributes our ways, many them and society day, their do so jobs helping

X% the versus driven the to turn COVID-XX organic a Revenues quarter Now, were year $X.X we prior decline, X% related I'll and by due primarily impacts experienced to billion, pandemic. to first briefly down results.

emerged better otherwise could EPS expected the which the quarter for $X.XX, Adjusted that than considering demand was was headwinds in March. be

we And our are the cost benefits balancing supply/demand are margin and focused the with realizing anticipated resiliency program. on business teams and control

declines tariffs to and the related carryover The currency. enough the and execution, headwinds approximately not $XX coronavirus-related volume from overcome to however, strong impact million of was

dive into turn response, the Now, scenario business it I'll picture. for now liquidity planning, and Allan deeper cost our and Don provide posture to over a allocation details XQ capital to

Don?

Donald Allan

Thank and you, hope good morning, staying safe all healthy. Jim. And I everyone. you are

share I business to have environment Before safe, and this a into QX the for operate to Black you keep I our and very Stanley globe, working our take day our results, still just another give deeper appreciation all deep communities. Thank my & who Decker dive back employees much. around night one want challenging been in to

XX%, to So, declined volume additional points revenue response a headwinds. let's positive pressure. Price move actions on contributing X an currency benefits X% driven from in to point, tariff of currency QX. X by down and the and Tools was Storage & continued our with

SBUs. Tools result environment & emerging all The a of crisis COVID challenging the and impacted as QX in Storage regions revenue has

operating The lower resiliency year the cost and and rate virus, down control, for than were price as was margin due more prior from this benefits tariffs by margin the volumes to from unfavorable currency. segment XX.X%, offset the

evolve Europe in virtually finally first to we humanitarian COVID-XX unfolded, markets. then from and the North and impacts in the Asia, crisis all started saw global we As demand in serve an America emerging quarter in quickly markets crisis economic the into experience – and

organic planned growth was for flat Our slight relatively a the to quarter decline.

guidance as at in in channels Craftsman detailed markets softer we due well emerging a anticipated industrial early in load significant the the XXXX, time. in As of we and as to January, our difficult comp

the versus impact to can the miss The the virus. from attributed entirety our of be plan

However, our margin resiliency margin mitigate proactive cost initiatives impact operating were control volumes. able from significantly the net and to lower

was declines the low-single better, Europe and France basis, led Europe later. decline, digit somewhat started On as while the fared geographic Southern X% the North as with a lockdowns down

trends in the March. positive, the two half and February how of weeks region quickly March in European the first month second was Growth during of illustrating change of

XX%. declined markets Emerging

low-double and digits. in for Chile, was hardest are up were which for All XX%, Colombia hit, America with down all Asia down Latin XX%. the these countries Turkey, geographies Russia, quarter down except

North down with declines. was America X%, all experiencing channels

However, quarter. Canada the relatively for was flat

be Craftsman expected Similar to flat to dynamic. the overall to segment, due America load-in the relatively we North

virus the largely So, by driven was quarter the declines the for impact.

demand see of trends the month plan by From double-digit of shelter-in-place versus We orders the retail an XXXX quarter. demand relatively strong POS into broad-based end the standpoint, much went the the March deviations our of POS second week underlying from the through extended March around was as of started to flat effect and more month.

looking declined X% execution the and Now, tools impact commercial than introductions and as by equipment momentum Power the later-in-quarter new offset SBUs. more at product from the early were pandemic. behind

rollout. the less and benefit this hand storage had a XX%, cyclical Contrary the SBU XXXX accessories to what more larger SBU you extreme tools, would think, from in Craftsman declined because

showed the acceleration. signs the As in trends and developed we quarter, in DIY globally markets of e-commerce watched many

in maintenance a for time work extended imagine, has in the As priority you new been spending may end times that users. our people put have homes, their off repair taken lives of with can and more some

and Our marketplace us of in in have environment. in particular position global benefited e-commerce Craftsman reestablishment the this the

to which included CAM. Attachments The those points Turning revenue and of acquisitions. growth, segment from XX Both Industrial. X% delivered IES

an point had and than and and we as XX.X% by rate lower was year-over-year down volume X% Operating currency. impact from margin a the currency. more to negative from resiliency were Additionally, offset organic margin X controls cost decline

organic fastening revenues down X%. Engineered were

impacted auto you As Asia expect, customers. the would general being declines industrial led with more than

well. other seen compete in this we emerge have in We dynamic geographies as

them make plants down began in QX North moved to to automotive across the and their The and forced decisions humanitarian as shutting American March. manufacturers crisis close in globe, leading economic shutdowns to were late tough

weeks. and other auto positive American of plants European are the a On several Chinese the within front, albeit most have auto many volumes, to reopened, significantly reopen of manufacturers next plants the lower planning and at North

production sound which our we for gains The commercial new share continue on model will is customers with in fastening and believe as partner engineered pathway improve. to a we content, provide levels

prepared to Europe solidify automotive are across our dates ramp customers up America. new North once We production their and

low from tools in a attachment and and tools declined as experienced while by X% in more attachment declined gas offset oil the than fourth volume. continued businesses single-digit mid-teens, what in similar infrastructure relatively gas growth we Oil The growth inspections, was and performance lower to benefited quarter. the

a the X% technicians close and a negative organic to organic they quarter-to-date. down Embedded that shut as growth X% world quarter-end, onsite Security customers the Security declined quarter, shifted decline two segment weeks were the from cautious impact organic in performance was currency. for X% experienced X Security's a mid-March, in has revenue was X By a however, X% negative point in allowing Through growth as postponed as swing to divestitures. additionally growth in point projects. from full

limitations in offset our are impacting higher organic growth and Security service up volumes in accessibility and environment. X% electronic American installation doors in customer as complete installation Obviously, revenue this were North healthcare orders partially was automatic to we the seeing business. lower by security commercial ability

organically restrictions to France in growth more solid customer X% which than and down in due UK, offset Sweden. was Europe

momentum intake and XX% versus The up with last year. that backlog continued strong commercial a order is

As are the lift position America a we Europe, restrictions to in the North Security. organic and growth in momentum continue in good

volume lower terms offset were points above price the margin profitability. Sargent was impact March as installations & control loss segment line late for the investments to divestiture. more than volume down to and average security, the cost in by was In X.X% growth operating significantly and customer in Greenleaf support basis of The XXX from profitability, electronic

view the now share So, would our to that is for But near-term on businesses. the QX. prospects I view our of like

is to X, daily doing beyond. scenarios today's we occur a we and and evaluate are a environment slide and on changing our XXXX continue as move in can while employees So, safe prepare customers, of demand and variety we keep wide our basis that we for healthy everything serve to to and could

which top depicts impacted arranged businesses least as chart of the impact be the impacted side left is to believe down bottom on to we we the to table most this of page. COVID with the what businesses from to The the we expect the demand. start the will page, I initially how move at

and seeing are the businesses down have markets has trends production. automotive will XXXX, seeing much for decline be of We end seen that hit case aerospace. negative shut XXXX environment and auto, these hardest In the this OEM Both were deepened this of so globally.

the are United States. at customers Our Europe and restarting stages of in varied

driven, with remainder business As is based fastening production. CapEx a XX% reminder, auto the on our

commercial, builds. it As our of to is majority relates that the aerospace vast close to new XX% it to exposure, tied with

be portion have somewhat we some diverse industrial the fasteners general essential impacted base time. customer of serve expect this less remained is that to during and we industries Finally, as operational

Tools construction and in Approximately Storage. Market to is remaining our & XX% and Turning consumer oriented, global aftermarket. customers confidence XX% closely the automotive with GDP the correlated served of demand geography. industrial serving most are tools with

shelter-in-place broad-based American well were customers, North has as and independent geographies construction As significant. industrial America impact outside North global as very to channels the issued, orders of been

contrary, of which four the DIY for globally, acceleration demand the supporting retail qualified retail the enabled trends to us April, major we the region up serve as our customers America POS were weeks in which low-double North essential, first and North in seeing of these continue e-commerce demand was in On digits. and are to month fiscal American

while production about construction professional, remain to XX% demand, industrial shutdowns levels are our expected place. activity of in and since in the products repair serve declines However, impact and

we American they by are this our QX. partners, end corrections levels inventory Additionally, utilize retail crisis store reset the as to in experiencing some North inventory of

able customers critical shutdowns the OEMs on tools as impact by are large as only most an production safely been Our inventory. and focus infrastructure businesses have today construction been Attachment seeing adjust have continue. impacted to less projects

and oil planned projects. as is complete they gas today impacted backlog their Less of

are negative. we this the a to of to be price expecting oil longer-term However, would related impact business that

Lastly, of rather in business Security. the resilient the security. recessions significant during is revenue, because increase for demand and downturns, we typically Generally, in this of an see recurring amount

different crisis, new and and complete however, our and segment Regional The customers' our facilities current orders. challenging maintenance are enter ways. is installation in this shutdowns to limiting ability

has earlier, which that trends, seen As when to convert confidence the team the will though, motor referenced business gives improves. environment this I strong have significant backlog us

as environment we in as from upon we healthcare well Additionally, consumer crisis. the for create needs market and emerge to retail this opportunities new factories, capitalize business as believe new offices, the revenue should

factors, accounting decline in to So, assume for quarter. second revenue all a these XX% the our plans for XX% organic

an businesses As our revenue some side of provide to in more added disclosure, of month-to-date the is the slide. an colored trend transparency, our denoted by indication the on of balls each left April

of see can You much in about the with the businesses very data our Aggregate midpoint in described company with the the line are planning how decline. I is assumption shipments tracking earlier. actual for a XX% or line

the view view, have be below in XX% out impact the currently the restrictions are the then One government be at turns could be very restrictive. to the our that will broad end an month deepest range we this accurate If QX. for appear as of demand and slightly April, of to the or would

the shutdowns what definitive it's demand think conclusions understand ease. soon looks and we the like better restrictions to too However, we once draw length of until

XX% depth timing of and decline result The year, the well in the in key in a scenarios magnitude variables revenue of is bounce decline, As to XXXX. have the we the duration the modeled XX% revenue. the organic range the driving look that back ahead we and as as the for full

and L-shaped end like shallow be look the an a of end representative high V. more of decline would The would recovery the

along deepest contraction recovery currently plans with expects Our which few to a the QX across revenue U-shaped the case bumps both way, likely decline, moderating QX. base carry and with for the XQ a

cost the revenue We program these our this have it sized address scenario, and relatively of and similar ranges. to structured to is midpoint

environment flexibility cost can reverse to we the it as Should the depending on we these However, demand decisions shape the we've V-shaped of recovery, recovery. support as returns. provide some structured to us see our quicker a of program necessary

elongated see resizing recovery, some the make L-shaped However, reflect should actions of cost choose new can a further we to we deterioration base more environment. permanent, to our temporary or the

more Now, on cost turning response. detail our to

and we raw his in four material cost areas comments, program. mentioned compensation spend, Jim opportunity opening are deflation. targeting our As and benefits headcount, Indirect within modification of

to on This January discussed call. new resiliency and program earnings million million $XXX XXXX opportunity I margin expands incorporates the $XXX

in $X this the these a benefiting headcount year. this included reductions program in savings $XXX January. see XXXX with However, guidance incremental opportunity to that implemented QX reduction are over approximately and XX we in months, million next the billion We our as

I will of one deeper Now, each these opportunities. dive into

et First, on our $X.X we are as professional targeting indirect spend, to focus MRO, T&E, significantly marketing, we in reduce services, billion cetera.

We're is focused only spend mindset spend bottoms-up towers, essential control these taking spend. all to reviewing approve in who to our category cost a indirect business. with and to be approach proposed this will owners clean-sheet, on are assessing categories environment The running that establish expenditures

in $X on believe we XXXX. roughly annual face of resiliency, based spend the tariff to components, and raw initiatives can where commodities pressure across remaining material finished of in transportation. some help currency deflation will and that capture offset within today's in prices commodity we we goods, with our billion This environment, incremental significant opportunity margin are a Next, executing are there's combined the

represent which two XX% these categories is means about and Together, benefits. compensation XX% savings $X target, about of billion the

our Our demand in that these with preserving difficult at making the treat time labor us actions area ability this and recovery temporary prepare us as to is incredibly compassion to that in by we employees reduce allows are manner to as a our these ensure possible. approach to for in appropriate times, costs

salary in matching furloughs, a retirement XX% modified United benefits, actions The in senior benefit suspending some the finally, like. the specifically reductions program, voluntary salary force. savings of temporary, States, about and workweeks, in for furloughs, include such Today, leaders, are as temporary and the pauses XXX(k) reductions, reductions reductions the

and in the $XXX will these billion second of actions the should half. benefit $X QX $XXX about to see related think we approximately you some million this benefit plan, modeling million As to start

of One this, believe classified XX% cost the remainder in in we the $X with related other assumption as approximately cost sales. SG&A, savings to is billion of

the So, cost semi that base fixed plan address our environment. this in to is

We also environment. chain current demand the by our variable align and have to adjusting manufacturing addressed spending supply with

a partnering suppliers with in compassion this We cost to our and the we are similar with taking provide right area, employees ensuring approach reduction our that treat flexibility.

also of months highest of are we We protecting quarters. inventory our until sense demand the across a coming get volume progression the and SKUs

We we the will be operations the model SPD of agile ensure levels operating remain in principles to leveraging the working excellence and only efficient, carrying required. capital

about plan As to models, is as starting and prior a various planning decremental seen actions margins as demand reminder, XX% businesses. across have a cost-cutting we assumption we think scenario you around scenarios. historically good various our any This

As period. bumps with actions, can few XX-month decremental earlier, and for that our the a better low And we recovery, year, the likely. U-shaped believe we margins I are planning than a mid cost to limit across XXs said with we this to

declines the deepest will We margin a the QX quarter cutting currently not full actions and deep be see revenue likely as believe cost decremental face we impact. will

the detail how are I've you So, quite XX months. bit we a of given tackling on next

Beyond costs better a demand if that in we a timeframe, there these of design, be are some in snapback environment. by will

put are place. may recovery if quarters, find coming fact, we in this a in to spending choose In back in that of we we out the some V-shaped

period longer find make if permanent. for volume in these we depressed of ourselves we recovery will an time, However, L-shaped actions a where stays

that to environment ourselves are trying the actions for of prepare taking range the whichever react current We manner in of us the the given comes. gives appropriate and recovery it believe to a right level to outcomes flexibility we

provide move recessions. in now talk scenario to slide and in additional an past we some previous we to our context information share In recessions. how effort planning, want to performance XX past our to So, about we'll some about performed

I of were periods. as company during the say a members the of time those senior myself management Jim, the part leadership of and many we team

BDK Since metrics. included we will focus and I recession, the comments acquisition primarily and XXXX. out have both XXXX coming major SWK a my XXXX/XXXX these on we of in had

XX% a the top organic to quarterly with from period, organic trough line of forma XX%, decline deepest throughout. sales decline So, declined duration pro quarterly perspective, peak recessionary the The average the was being XX%. sales

we XX% sense how business get rebounded To of organic recession, a growth the growth. out coming housing-led looked quarters of two the recession, end at the with of which the after returned

recessions entering I before the this consistent Turning down margins what cutting, which cost XX% decremental cycle, laid in to approximated page, earlier. profit, with out both presented is on

However, our combined company XXXX. during periods cut the peak high limited we decrementals to for teens costs did XXXX at best trough to and to digits proactively XXXX double and in below SWK the both and in

At this point, the limited environment. depth current of potential we have visibility the to length the and

However, past this replicate track trying situation approaching and we performance the from record experience are to the during drawing of on the downturns.

manage out we prepared and organic more can crisis inorganic We and to well feel find our come and approach of resilient stronger, opportunities. what to remain we uncertainty do as agile the has served us to make we growth sure this

now XX liquidity. on to move slide and give update Let's an

of year. our with quick normal approximately is balance liquidity sheet. this we a and see end update This outstanding aligned typically on of time billion of $X.X QX, So, paper. we the had commercial seasonality At

which We XXXX, of long-term in long-term is $XXX remainder and until have any don't beyond. next is our December million. due $XXX XXXX, maturities maturity of million maturities with coming XXXX The in the

hand crisis Leveraging market we continue uninterrupted to the rating, began. cash have paper commercial investment $X on with to access of credit had and our quarter-end. as the Available of since liquidity have starts billion grade strong approximately

available program. $X billion about on of have We capacity our billion CP $X.X

for the $XXX million Finally, the of an the remarketing of liquidity. May, with XXXX have successful preferred equity additional units we opportunity in

the with flexibility a end standpoint, liquidity can have all the as billion from of $X.X the you As see, we quarter. significant potential total of of in

Backing diversified robust $X well-capitalized revolving up program is credit which banking billion a commercial are paper group. backed of by our facilities,

issued access that preserves XXXX. liquidity the ratio You we may to these an prudent X.X of one-time us than in carry to the our carry expenses will greater charges cost that night last interest gives to times, announcing through have we have modified ratio our a seen from program. with higher EBITDA the on certain in that now This X-K related to flexibility excluded action proactive covenant and period facilities and

a significant repurchase capital liquidity activity. conservation the our additional From leverage maintain expenditures priority allocation a To and repayment our in targets. in XXXX perspective, deployment ensure and on position capital capital deliver of share capital turn, our actions M&A included is which priorities, temporary we've and, debt initiated suspension strong we and reductions achieving

a ground to of XX So, summarize as slide few XXXX. to a points moment move we here, just to this so we summarize I'll lot all for covered a spend information key –

now We for suspend mentioned, the to substantial currently trough quarter quarter, revenue will we the experiencing are early in as second I our for and represent declines year. are expect continuing the guidance which

From planning tracking that for perspective, with in our neighborhood. to results a XX% assume revenue XX% revenue second the quarter potential models decline, the a April month-to-date

The of countries future all us control dependent now. is on as the of health crisis getting

the revenue We I of on through currently discussed. the improvement XX% range of XX% have and the depending modeled year, a multiple the to scenarios timing assumes shape decline, we as with and sequential as move full-year recovery,

the will impact reductions cutting low to pre-cost Decremental our to that minimize attempt down cost should XX% mid-XXs. margins to be and

reduction expected be that perspective, had cost Tariffs million million cost $XX to we From FX behind to XXXX us XXXX. $XXX first an adding in of and savings headwind, million and our million included the quarter. are $XXX $XXX in QX of are structure in with a that currently additional

expenditure perspective, and as cash capital repurchase that With reductions M&A share is activity. conservation mentioned. deleveraging, and I focus a of our and temporary suspension comes capital From

positive cash capital expanding prior capitalize levels will if it working capital see preserve working of from The Finally, but want we recovery flow presents when working versus environment we capital a to expect liquidation, the a sufficient now us year. demand as target to itself. on dictate to turns

As you of can company of can this But experiences vast successfully where crisis it's humanitarian years never seen complex situation. this and lifetime. see, a We've draw have our we through ups in on navigated our we downs. type XXX

this actively contributing managing pandemic. everything to we while also our the Our team helping engaged is in spread where of control, mitigate terrible within can

back Jim. to it I And you. Thank turn now will

James Loree

us we're and lose arise to moments given we'll Don. like this, easy a It in want that market continue difficult be emphasize the on take, difficult during would outstanding growth number and to but position to all actions Thanks, detail also beyond. continue we of the will and believe this sight catalysts of we opportunities to execute environment that to taking that that perform I

North response, The This growth iconic customer and well-positioned marker. is continues DIY to have market on in billion path brand strong towards Craftsman excellent value-oriented brand a our capture remain and a to professional, the $X America. the we well growing rollout

stream a is to differentiator and gain, share our innovation machine that innovation the enables bring with a us of across businesses. Our steady to marketplace generate strategic we

Atomic been including More product series than more and and have growth of pre-COVID-XX. end breakthroughs, a FlexVolt, Xtreme for account now received users $X.X specifically, least billion of recent with our healthy DEWALT well by rate, revenue, at

for North be focused potential we've global lastly, of the program the opportunity has of in industry and the methodically a America we XXXX outstanding during many, globally-focused going a And e-commerce billion. It's the a huge in advantage come. tools environment years And last to platform to very today's going from $X.X platform leader with e-commerce in world. expanded revenues many And around in of for us forward. then, to couple years, strengths are markets rapid this growth with this online

our Ohio. both gas increase closed presence XXXX, exciting equipment in during outdoor we opportunity in XX% stake that course, market. an power a the equipment Of is power outdoor MTD, and This to for manufacturer based electric leading on in us

from lot sitting that still. changes potential to a requirements. when to user and new behavior in create and there's model capitalize business not and has Multiple growth this them. this arise We will prioritizing be to growth about – and opportunities to needs are know ensure crisis a teams position are sweeping this excited that our we're in So, crisis consumer a we on resources

environment, our COVID-XX challenge being impact of we've business and organization and chain and the employees So, And our health this number around uncertain our us partners of mitigate supply of with has financial virus. the key our part safety and in help doing closing, serving the first to presented continuity one, customers aligned the – strength, priorities within great XXXXs.

during going into emerge strong crisis to strong the necessary actions the crisis a in stay were to We even taking and stronger. are it and position the from

to safety commitment rock is Our solid.

the the inception since of continuously operated have businesses crisis. Our

and support shape liquidity our Our been cost financial to in great carefully strength and designed emerges. reduction dollar has is whatever in performance and and program billion efficiency financial stability demand scenario

are to The in reopen weeks. vast customers open coming planning either business our of or the for majority

to can and are we communities catalysts growth are our we our doing and around well what alive support globe. the people and Our

about on we're the with the first is we take the realism and the optimism challenge Q&A. and of mindset cautious the and future for resources, ready now strength both about to it have the present experience, Dennis? XXXXs great the that So, the

Dennis Lange

we the to Shannon, Jim. Q&A, call Thanks, please. open now can Great.

Operator

Instructions]. [Operator

Our comes from with Nigel Wolfe first question Research. Coe

Your open. is line

Nigel Coe

Jim. morning, Good

James Loree

Good morning.

Nigel Coe

is really Not Thanks are and XQ expect And Yeah. full details. you helpful. the that. what very for all context companies It's around the helpful. all the year for doing

So, much appreciated.

think with the the of Dennis, just lot details confirm this the – in right to savings, a additive is but can costs train I is yes, offline cost take of We'll the now. in savings but answer you terms

this million $XXX million. So, is $XXX plus

it's So, cost year? this reduction like of $XXX million more

$XXX second of And Thank to dollars and the this billion given is, this a falls analyze XQ. really, not half for second full it's then, much the million year, savings, into part the question much. very is you of

Donald Allan

I'll that. clarity on provide little Yeah, a

is XXXX. to in of XXXX we related addition in program took dollar QX So, that billion the the $XXX to actions in the million

So, that's correct.

in the that long in be I $XXX As will to very back think million script million half. the my we said the it relates year, was of that timing, what for $XXX

obviously the gets And about million quarter. so, you in second $XXX that

out. it And lays kind how so, that's of

Operator

you. Thank

with comes next Jeff Vertical Our Research. question from Sprague

You may begin.

Jeffrey Sprague

multipart on I morning. how out Can into from guess provide shift and me China you Good a this, you. color US? the into also. of little And the footprint Thank a thinking specifically plays realignment one manufacturing the

do down to a is button if the sell-out you. the reset to actually going home second center ordering part hit in, start kind draw have with to think how you I side? so long squeeze strong, other of could Thank inventory on before the actually they

James Loree

your there lot the depends numbers the question will Okay. weekly the in replenishment a quarter, I on seeing a Because think a than POS. no that this And later basis We're June. the I'll take would on advisable, be places. be second eye-popping couple part some if of continues, of that some first. third month

really make they decisions it's their how play their in So, want to They inventory. decision. those

opportunity trying out but inventory they sure there, the of with don't be risk I the balance the for those they change. stuck significant versus if might a have, challenge sudden can getting completely all trends understand problem that know to a of

wired a So, and it's at one just a that. tight balancing act it's

virtually, manufacturing their the fact footprint, salaried working question our as with interesting the far an addition XX% virtually in they types on in hard these population execute can't really to that because travel. As homes of to stuck it's of it's projects,

So, there's have we a few, on travel very has place. travel. any, ban Like a companies, It in exceptions. ban complete most if

So, think in acceleration there But in travel talking importance happen be there we're even faster the able thing. delays, nature crisis. and is by the of an the amplified of to of footprint of months we're until I will the will be terms some but probably sort program also footprint because making delays of that

of going the you we when to And into So, to on get planning right lot we're accelerate. a up try then, going end with execution, now virtually.

moves of roughly be to time short, be complete. story Long I the same three-year two frame think kind at looking we're to to for going the

Operator

you. Thank

question from Our Wojs next Baird. Tim with comes

is open. Your line

Timothy Wojs

Hey, Good Yeah. morning. guys.

James Loree

morning. Good

Tim Wojs

cost details and and of kind the investments? question. provided. reductions? just you've specifically, as guess, is that you've first, kind all R&D of a I have just So, balancing something I been that's Appreciate how also growth two-part are and that innovation you protected preserved make these

about working expect working point, around more should this given this to working than I carry at guess, would you just that stocking uncertainty be capital? capital levels? both think how production prior the you thought balancing you to we expect second, to then, retail would just or And capital and released it

James Loree

I'll though know take Don the give I'll first question. the to the part it. answer I of second, your even

Donald Allan

I know answer the the to too. first

James Loree

enough, Don. Fair

any innovation. protected We have largely applied

cut be little may some theoretical there innovation back much. we bit So, that not but on, a

well. X that. how terms of through looking still look at we're all our some example, that the Some X, how business X, will programs would X out, years, these years industry are what change be years going That and X, out to and tool is the construction impact the program, of of and on for in like, XX manage alive

comp are of in many XX% them about nature you when temporary so, ben this are – of think temporary. the And the and so reduction,

project, working four, time. for instead period So, days we're of on a of maybe and a working five

about think I way to that's it. the think

Donald Allan

Yeah.

operation was our had a particular and thought straightforward down and them bit then labor ramp of in force shut and the up shutting fastening, because advance how of manufacturing ramping in you similar down tools. we OEMs lot On a in we in a side, correlation basically In up. we distribution, to in the would gave ramp plant down fairly we'll little it and engineered

on that perform. But from several that So, straightforward we side, to complex, customers it's in retail more the in continuing major in North especially perspective. that fairly America, tools have little it's a are bit

the the As weeks through POS we of earlier, April. is four talked about first very strong

we second level. production reduce planning modified our but quarter production we that more of assumption didn't a We around decline, to actually that. reduced a So, view did revenue to

being to – So, if probably X% XX% you tools the look in to cut is somewhere QX between XX% down we're maybe where production. the we XX% XX% somewhere and that company, at like

we third making the for that. whatever but in June to prepared prepared or in the as quarter, timing so, we're importance of the to And accelerate continuing serve also sure maybe recognize those we're is, things start customers,

capital we of through some QX probably with have, that we that given balance, we and higher of our we carry times make little right the that the striking balance our inventory also right sure but chain, level going which we're QX now of in a we to we dollar value have think supply XXXX. get And I ensure lead and forward, will strike and out meet but longer, performance to needs that right the ensure maybe working customers'

Operator

Thank you.

from Our Michael Rehaut with JPMorgan. next question comes

open. is line Your

Michael Rehaut

Thanks. And challenging managing the far your so backdrop. Good congrats efforts all morning, everyone. on

but on question, only but as clarification reduction I have granularity around I just if core my cost a the well could, guess program. I question or question, is also question do First the some

to it margin relative the resiliency Just to understand efforts. trying prior

overall billion program to you're two million total years, realize years it $XXX $XXX noted $XXX expecting million would kind that that curious that's the of this of this or to had was the $XXX the remaining You included I also that portions $X are of is out. that if million encompass next in to number still if inclusive If million. year.

clarification, of far terms hoping kind sell-in of are American in you the and so is sell-out. you've on I the and if of then, there could in sell-in the just for what March North review seen. April and It terms sell-out you was numbers And had in roughly a retail. different few terms what of

Donald Allan

was for sell-in mentioned – and April So, POS, script, flat. POS my sell-out, low for so in March, I The is flat in the relatively double-digits. the as up

on that April range. probably the is that Tools in very which the consistent So, end And I mentioned, towards lower the what of XQ that of & ballpark in turning of the with strong. sell-in month I Storage for seeing it's is range showed that we're chart,

aspects. gives So, you those sense of a that

guidance. cost As were execute call, the in we headwinds new to we January our about earnings as as our way. and came going back as $XXX on things far talked reflect $XXX million there we They million were contingency, initiatives the weren't resiliency of goes, a having if just reduction margin to that

have headwinds us and in So, big anyone rest our clearly, some than world. the come the bigger way, many much anticipated, of for

of But those resiliency, certain procurement margin tools to utilizing around due in were drive when there you think in levels value. that were about things higher savings technology opportunities to what

billion automation supply of analytics, our things for our more data to into are not that eventually Those drive as the lot dollars. well. manufacturing footprint intelligence and technologies industry would base that and a Using value artificial value driving in around old

were our of part large a So, buckets, particular, in resiliency those program. margin two

savings now us right need next margin like a driver pushing other lot for on be depending a Functional for a things, were we XX transformation. going years value function. and force. help will There next now, forward Indirect, two what the other that doing right of us around in to is aspects to move we're and few what the brute that'll continue probably sustain four the yeah, really is to resiliency indirect we're that functional because, forward months, but transformation

P&L, and your long-winded opportunity that's but margin a keep question, those big when so then indirect to it aspect the categories very there's the we're So, still think coming resiliency our there's billion dollar around years. that number large in really helps answer that in in us for sustaining pop getting that very a program significant out you way there different I a about in think doesn't a up

James Loree

give detailed partially more the what next the come analysis weeks. partial can included, detail the basically. can next But to cost find trying we Partially do ourselves Don you and more around into could we'll we really question. said, earnings couple haven't opportunity answer call, had just see And back you later. imagine, savings to little as question, particular from it's granularity get over and we'll find work amount as to probably go opportunity really of that the this every the tremendous On we to through that crisis. a and as not of you In

Operator

Thank you.

Our next question comes from Julian Mitchell Barclays. with

is line Your open.

Julian Mitchell

Hi. Good morning.

James Loree

Good morning.

Julian Mitchell

Hey, question free morning. cash really flow. first the My around just

context. regard that lot a time the very and of and for slide XX sales You've discussing in was spent earnings helpful trends historical

and context or how similar what cash downturns in the wondered Just be was different this downturn. think might around flow current it in the historical you free

this time the next Is And carry think, about i.e. and then, a I the of to this Or That's of, is year. downturns around all-in than that that heavier you. year? tariff simply the currency costs? could – two slide it more decrementals this sort just XX. my because of on talked into mid-XXs notion last starting downturn low clarification the be point, on Thank about bit you would just

Donald Allan

we went is that. when said full actually know through script, better Yeah, in I XXXX, kind I timing. also I sure. we'll a XXs of my that get months low XX the lot XXXX, at for going things what I it's than of as into Julian, but really said when we think

in to we that the we very XXXX period. XXXX So, had? that question get the saw was high What hopefully, first and number close teens he

Dennis Lange

Free cash flow.

Donald Allan

Free cash flow, yeah.

actually, that point impacted Obviously, net well. conversion So, view, recession flow the charges your gets cash free income. by has through a put from very you in performed of

tend to You benefit get period. recessionary capital a a working good in

balance that enough very the we expect Now, want inventory mentioned, through we my challenge recession manage presentation be in ensure And recovery don't to because type because we the the as if we We're went quick. to a we is quick as face trying right have of this that, recoveries. didn't I might little with different.

there a stronger is or, expected in where could We comes versus term. scenario different see modeled later a the recoveries. a and This be very V where short we in might U, you scenario slow our case, growth a

think don't so, to have to be we that we And I overall, go strong in we would seen. right ensure working strike historical dynamics the given that balance overboard conversion to capital. have But, I expect

Operator

Thank you.

with Josh comes Stanley. Morgan next from Our question Pokrzywinski

Your is open. line

Joshua Pokrzywinski

guys. Hi. Good morning,

James Loree

Hey. Good morning.

Joshua Pokrzywinski

keep to to try I'll it XX mine. question a for part mere

right sites. New think aren't might the in I and time now. Jim, What not Don do job opening for construction to are think versus site working right think have back, those are City pros – just point I or costing made guess you? sell-in you sell-out, Northern closures York Because I the but California – going real now that it been about Just more you the

the maybe to I you that's wouldn't mind tunnel there at if some the light So, all say. of that. have And sizing end

James Loree

do amount interesting home about pros because to fair a at think it of it's centers. the Well, shopping

we're bigger negative desk big because seeing And aren't what used this lot suspect a to they in They're projects now we suspect active. the think is from not as just stopping probably the there's I right so, coming pros. is I the much probably as phenomenon contractor's a DIY than because

– the how negative be single what hard we in because low be ballpark, would mid, my probably my single-digits it's for so, impact difference impact digits could sure, that pinpoint probably to would don't guess. be And the big DIY think but a it's guess, I exactly is. really know it's But but the

Operator

Thank you.

with question UBS. from Markus Mittermaier comes next Our

open. line is Your

Markus Mittermaier

you Glad morning. are Good Hi. all well.

James Loree

morning. Good

Markus Mittermaier

And for One case. scenario analysis. all Very thanks quickly on the helpful. question your base

prepared talked is, cost-out. I'm about indirect What cost remarks, a given XX% about your How side, the and wondering decrementals. other I lot deflation think, is in you, of does the that on that mentioned You've past quite is total cost-out, recovery would because if of should the case interesting. what that outlined? incrementals sort to and compared base Is of U-shape for in a XX% incrementals that mean be that like

Donald Allan

Yeah.

half it, we right. of will be obviously, adding the the If because You're this depends very change cost. rapid then on type that of will incrementals what we in see recovery V back a see. recovery year, we

of the We modified back, salaried of things have all company. and at that that of and And with part point, and costs back which that wouldn't temporary benefits we billion. because of happening kind $X probably our XX% like we've our furloughs some we'll it called add this we but comp that are of workweeks add our XX% is have

And that as have impact so, incrementals clearly would a on we governing grow.

a think to those have That being margin been do of the of in going are drive value question a a that lot period is touched And of continue initiatives to there. productivity. but said, create on themselves we things are to earlier we can from on Michael. types bit to there's We had resiliency hold little for beginning time, they that forward re-energize we

I incrementals but something And we recovery, will impact see so, through. that bit governing think in can a I actually a think it's manage the of

it's So, not too significant.

incrementals into from going of growth time. be period longer into which we're it's U temporary as make really type we make some and temporary to got we a which Because or some to performance going will of how of majority of permanent, could that permanent of once impact working the things the alternative to would vast could have take then a we them actions make or recovery the permanent we where things we approach if quarters as that that probably dollars do replace we take next a recovery, mode. a those take not In where means we see possible, of L, bumpy even an year, multiple billion over

Operator

Thank you.

comes with Our next Bank. DeBlase question Deutsche from Nicole

Your line is open.

Nicole DeBlase

Yeah, morning, thanks. guys. Good

James Loree

morning. Good

Nicole DeBlase

whether peers America activity guys the or through just you into on if seeing are wanted ask in end the trended the pricing North pricing, POS I So, and to April more getting to promotional not and channel. promotional more how from you're of quarter drive activity retail

James Loree

not of amount environment, this a activity does promotional In make tremendous sense.

deflationary from So, all the programmatic pretty is from largely environment. you're across-the-board price implementing price program in that we're a there the increases coming because much margin seeing not price, resiliency in

And getting some from the carryover so, utilized the in that are ones inflation. on pricing being from surgical than resiliency like we actions pricing no increases new did that other we're that things maybe program. related earlier that But based margin more tariff on and the also price analytics and are other

Operator

Thank you.

Ritchie Joe Our next question Goldman Sachs. comes from with

Your is line open.

Joseph Ritchie

the Great today. Hope are guys. you else's echo everybody detail morning, on well. And Good Thanks. call comments.

James Loree

you. Thank

Joseph Ritchie

Just one question.

going to QX. you're expecting Just trend back in and slide that X the

that think heard unless think at through & already with aero is double the the Don's that digits. remain is. comments it? sale this, And becomes for If already – of the and I that interesting commentary to an probably stays to XQ. up really auto down as about point strong So, more right think it to Is I point the of number, is it around sell-in way there than correctly, as hear the expectation it'll way Storage, the Tools sale number XQ

James Loree

about the think way much pretty to it. That's right

Donald Allan

The sell-in of in North right is right tools America. range now QX that for

Operator

Thank you.

question comes with Research. Melius from next Wertheimer Rob Our

Your open. line is

Robert Wertheimer

everyone. morning, Good

James Loree

Rob. Hey,

Robert Wertheimer

given into miss or tremendous you've for had on how sell-in that's just know some you've is you ask one. on call and, If do There's sales just there chains in detail question I home could that I more out the feel managing a you the on therefore, last like chance a a term. you're handle on If centers, a globally. disruption is there related that? disruptive a amount and short of to supply both the

stronger don't – obviously, sell-in know which the much more give end just sell-in there's just be some doubles else again, the – I is whether, what's helpful, all then, very quarter? you'd up you And the down normal to equal, is know or Thanks. the whether of normal, don't the seasonality expecting this, and I detail process? towards than

James Loree

Yeah.

not some to be spike home a I a keen daily the different, the We've We in a kind gone orders weekly a ins cost monthly. have cases, supply of opportunity appreciation chain very, from being is rhythm And would are approaches monitoring for opportunity the in a say of for us. but the prepared general and for would somewhat out. rhythm, particular. centers, and, very rhythm it significant in the And

terms the in in third shipping sell-in of later orders the probably in increase an in be as the our actually, but if inventory substantially have have we for And orders month. deal quarter. could you builds, is turns will, to quarter inventory it side to this, Normally, – with alluded Don the out, there there more actually the so, we programmed possibility of in and – second month that the

this if one that's with of sell-out to the in just some real of occur equal point, and on those customers kind I and seen we're we're each things think time it and, at things we're a time it's have monitoring to other. However, contact managing remains going be basis around. these But the two that to

Operator

Thank you.

Ken comes KeyBanc. Zener Our from with next question

is line Your open.

Kenneth Zener

Good morning, everybody.

James Loree

Good morning.

Kenneth Zener

thoughts XQ weekends been here. on The – you've working I'm sure the

out think laid I clear. XQ pretty you

XQ second leverage, the XX% I your – the around are And to case half base guess XQ A. Is majority Thank looking fall And is you. equally at, base. million you I And I'm XQ? ask the that $XXX sales how savings that implying growth split of half, your split? rates up that's B, XQ? million your XQ base or up? the second that that For Does relative is what does interested, into for comments case then $XXX I'm there?

Donald Allan

ourselves case XXs, a I'll $XXX we actually to those The the Yes, of the that's with we XX%. base is Yeah. low see the year. million costs. that half decrementals significant assumes be how start – the which get impact And to would moderating back of impacting

our quarter that the performance on case QX then, our QX kind get from that's in can we time and revenue case, the goes, which by we base where slightly are. that dollars Jim to as of you what our we call flat flexibility in we're shape, is kind gave far but anywhere and and for difficult, that down, We're to of more July after a we is in us scenario we'll we As lot There's we way last color And to earnings are. be math But it to based we the or have would why that. because over do it now described occur billion went but get not so. going did certainly a right both planned lot in be hour U the a forward the fourth next for assuming growth see. the would a we'll of the base cost, as still really I've a where

Operator

you. Thank

comes Associates. from next Zelman with Justin & question Our Speer

open. Your line is

Justin Speer

morning. Thanks, Good guys.

on Just raw materials. question a

you of raw cost this slide goods of think and XX% input, $X are your inputs. said – materials billion of sold materials roughly I

collapse of And savings broader to planning is cost based that in trying anything cost-out beyond that's decline there commodities this understand Just bucket? that that what deflation percentage in in plan? on your year simply the you're

how looking for of dynamics? integrity secondly, pricing environment, near type across term business in should the this think then, the And pricing beyond year we the just about

Donald Allan

Yeah.

that the now. in really our to that with commodity nice much result a of pursue days We're the a those as in so. prices happen month opportunity lower that I XX adjusted make on front, really think the of we and have have way demand or the opportunity the commodities all global respective suppliers is next last And XX in categories. to trying to

When how deflation. throughout in way as And a of to difference it's That from commodity that kind opportunity commodity for remainder I we'll range combination is, maybe of of about and and indirect for of to year. is two-thirds progress sizes the anywhere will this indirect year. XX% XX% see the be deflation, the billion the think going you dollar we and about that kind it then, and to of it indirect probably think good be

Operator

concludes Thank now to Lange closing question-and-answer turn the to I the session. you. for remarks. Dennis would like back This call over

Dennis Lange

on this questions. any your We'd call. Thank have you calling thank like in the you, morning you. everyone Obviously, contact Shannon. participation if me to for please for and further Thank

Operator

call. conference this concludes today's gentlemen, Thank you. and Ladies

You now may disconnect.

Stanley Black & Decker (SWK) 30 Apr 202020 Q1 Earnings call transcript