Black & Decker 2010 Annual Report Download - page 3
Download and view the complete annual report
Please find page 3 of the 2010 Black & Decker annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2 -
3 -
4 -
5 -
6 -
7 -
8 -
9 -
10 -
11 -
12 -
13 -
14 -
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
 |
 |
Stanley Black & Decker Annual Report
Financial results were solid in , in
spite of a weak economic underpinning in
the developed countries. Total revenues
were up % to $. billion. Earnings
grew %, while free cash flow increased
$ to $ million, powered by benefits
from the merger integration and the
Stanley Fulfillment System (SFS).
Our strong results are a manifestation of
our Company’s commitment to driving
shareholder value through a strategy
aligned with our long-term financial
objectives as described below:
% organic revenue growth; %
total revenue growth
net income
was an extraordinary year for our Company,
highlighted by the closing of the merger of Stanley
Works and Black & Decker on March . Undoubtedly
the most significant transaction in both companies’
histories, the formation of this enterprise creates the
undisputed tool industry leader with global scale,
strong growth prospects and prodigious cash flow. Our
Company, with its growing market capitalization and
cash flow, combined with attractive growth platforms
and business building capabilities, is continuing its
journey to become a diversified industrial leader.
between % and %
These objectives have been intact since
, with the exception of our revenue
growth targets, which were increased from
a previous range of % organic and
% total growth following the merger,
due to our continued footprint expansion
into emerging markets and our higher free
cash flow base which, in part, will fuel the
expansion of our growth platforms. Since
these objectives were established, total
average annual revenue growth has been
%. In the four years preceding the recent
recession, our average organic revenue
growth was % and, as a combined
Company in , our organic growth
Letter to Shareholders