Black & Decker 2012 Annual Report Download - page 123

Download and view the complete annual report

Please find page 123 of the 2012 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.

Page out of 164

  • 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

109
SELECTED QUARTERLY FINANCIAL DATA (unaudited)
Quarter
(Millions of Dollars, except per share amounts)
First
Second
Third
Fourth
Year
2012
Net sales………………………………………..
$
2,427.1
$
2,568.0
$
2,526.9
$
2,668.5
$
10,190.5
Gross profit…………………………………….
912.2
930.5
913.7
948.2
3,704.6
Selling, general and administrative expenses….
637.8
626.4
614.0
642.2
2,520.4
Net earnings from continuing operations………
105.4
126.1
86.7
130.5
448.7
Less: (Loss) earnings from non-controlling
interest………………………………………….
(0.7
)
(0.3)
(0.2)
0.4
(0.8)
Net earnings from continuing operations
attributable to Stanley Black & Decker, Inc…...
106.1
126.4
86.9
130.1
449.5
Net earnings from discontinued operations……
15.7
28.4
28.3
362.0
434.3
Net earnings attributable to Stanley Black &
Decker, Inc……………………………………..
$
121.8
$
154.8
$
115.2
$
492.1
$
883.8
Basic earnings per common share:
Continuing operations………………………….
$
0.64
$
0.77
$
0.53
$
0.81
$
2.75
Discontinued operations………………………..
0.10
0.17
0.17
2.24
2.66
Total basic earnings per common share………..
$
0.74
$
0.94
$
0.71
$
3.05
$
5.41
Diluted earnings per common share:
Continuing operations………………………….
$
0.63
$
0.75
$
0.52
$
0.79
$
2.70
Discontinued operations………………………..
0.09
0.17
0.17
2.20
2.61
Total diluted earnings per common share……...
$
0.72
$
0.92
$
0.69
$
2.99
$
5.30
2011
Net sales………………………………………..
$
2,142.7
$
2,348.2
$
2,379.2
$
2,565.4
$
9,435.5
Gross profit…………………………………….
803.9
871.6
882.3
910.4
3,468.2
Selling, general and administrative expenses….
554.8
589.7
596.7
639.7
2,380.9
Net earnings from continuing operations………
141.9
165.9
137.2
153.3
598.3
Less: (Loss) earnings from non-controlling
interest………………………………………….
(0.3
)
—
0.7
(0.5)
(0.1)
Net earnings from continuing operations
attributable to Stanley Black & Decker, Inc…...
142.2
165.9
136.5
153.8
598.4
Net earnings from discontinued operations……
16.5
31.4
18.1
10.2
76.2
Net earnings attributable to Stanley Black &
Decker, Inc……………………………………..
$
158.7
$
197.3
$
154.6
$
164.0
$
674.6
Basic earnings per common share:
Continuing operations………………………….
$
0.85
$
0.99
$
0.83
$
0.94
$
3.60
Discontinued operations………………………..
0.10
0.19
0.11
0.06
0.46
Total basic earnings per common share..............
$
0.95
$
1.17
$
0.94
$
1.00
$
4.06
Diluted earnings per common share:
Continuing operations………………………….
$
0.83
$
0.96
$
0.81
$
0.92
$
3.52
Discontinued operations………………………..
0.10
0.18
0.11
0.06
0.45
Total diluted earnings per common share……...
$
0.92
$
1.14
$
0.92
$
0.98
$
3.97
The quarterly amounts above have been adjusted for the divestiture of HHI, which has been excluded from continuing
operations and is reported as a discontinued operation. Refer to Note T, Discontinued Operations, of the Notes to Consolidated
Financial Statements in Item 8 for further discussion.
During 2012, the Company recognized $442 million ($329 million after tax), or $1.97 per diluted share, in charges on
continuing operations primarily related to merger and acquisitions-related charges (including facility closure-related charges,
integration-related administration costs and consulting fees, as well as transaction cost), the charges associated with the $200