Black & Decker 2011 Annual Report Download - page 6
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successfully focus on the crucial rhythms and rigors of an
integration is of utmost importance to us, and we have
walked away and will continue to walk away from acquisi-
tive growth opportunities if we feel the timing conflicts
with the successful navigation and development of our
core business franchise.
Organic Growth: Innovative New Products and
Emerging Markets
Inherent in our legacy and crucial to our future is our ability
to bring innovative, world-class products and services to
our customers. Our success in this was key to the organic
growth we drove throughout the year, particularly in certain
markets that were flat or retracting. For example, our pro-
fessional power tool and accessories business grew %,
due to the successful launch of the DWALT - and -volt
MAX* cordless lithium ion product line and the late-
launch of the -volt cordless lithium ion products. Within
our industrial segment, our $ million engineered fas-
tening business, which largely operates under the Emhart
brand, grew %, compared to the % growth of global light
vehicle automotive production, due to new products and
increased customer platform penetration, which resulted in
strong market share gains.
As we wrote last year, significant emphasis has been,
and will continue to be placed on growth in the emerging
markets, both organically and through acquisition. In
MILLIONS OF DOLLARS, EXCEPT PERSHARE AMOUNTS
SWK
Revenue $ ,. $ ,. $ ,. $ ,. $ ,.
Gross Margin $ ,. $ ,. $ ,. $ ,. $ ,.
Gross Margin % .% .% .% .% .%
Working Capital Turns . . . . .
Free Cash Flow* $ , $ $ $ $
Diluted EPS from Continuing Operations $ . $ . $ . $ . $ .
CDIY
Revenue $ ,. $ ,. $ ,. $ ,. $ ,.
Segment Profit $ . $ . $ . $ . $ .
Segment Profit % .% .% .% .% .%
Working Capital Turns . . . . .
Security
Revenue $ ,. $ ,. $ ,. $ ,. $ ,.
Segment Profit $ . $ . $ . $ . $ .
Segment Profit % .% .% .% .% .%
Working Capital Turns . . . . .
Industrial
Revenue $ ,. $ ,. $ . $ ,. $ ,.
Segment Profit $ . $ . $ . $ . $ .
Segment Profit % .% .% .% .% .%
Working Capital Turns . . . . .
Excludes merger and acquisition-related charges/payments.
* Refer to the inside back cover.
** The results from – were recast for certain discontinued operations for comparability.
Financial Highlights**
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Breakthrough
Customer Value
THE STANLEY FULFILLMENT SYSTEM