Stanley Black & Decker, Inc. (NYSE:SWK) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 08:00 am ET


Stanley Black & Decker, Inc. (NYSE:SWK) Q2 2020 Earnings Conference Call - Final Transcript


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Welcome to the Second Quarter 2020 Stanley Black & Decker Earnings Conference Call. My name is Shannon, and I will be your operator for today's call. [Operator Instructions]

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

Dennis M. Lange

Thank you, Shannon. Good morning, everyone, and thanks for joining us for Stanley Black & Decker's 2020 Second Quarter Conference Call. On the call, in addition to myself, is Jim Loree, President and CEO; and Don Allan, Executive Vice President and CFO. Our earnings release, which was issued earlier this morning and a supplemental presentation, which we will refer to during the call are available on the IR section of our website. A replay of this morning's call will also be available beginning at 11:00 a.m. today. The replay number and the access code are in our press release.

This morning, Jim and Don will review our 2020 second quarter results and various other matters followed by a Q&A session. Consistent with prior calls, we're going to be sticking with just one question per caller. And as we normally do, we will be making some forward-looking statements on the call based on our current views. Such statements are based on assumptions of future events that may not prove to be accurate, and as such, they involve risk and uncertainty. It's therefore possible that the actual results may materially differ from any forward-looking statements that we may make today. We direct you to the cautionary statements in the 8-K that we filed with our press release and in our most recent '34 Act filing.

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

James M. Loree

Okay. Thank you, Dennis. Good morning, everyone. It's great to be here with you today. And now we're about five months in since COVID-19 began to roll across the globe. And while this pandemic has created an incredibly challenging time for all of us, it has also cast a new and very positive light on our portfolio as three powerful trends have emerged, which worked to our significant benefit. First, there's the sudden acceleration in the shift to e-commerce, and then there's a reconnection with the home and garden and a trend towards nesting and DIY; and thirdly, a newfound societal obsession with health and safety, reimagined security. The combination of these trends has profound and exciting implications for our future growth and strategic positioning, but more on that in just a few moments.

In the meantime, we just completed what I would characterize as one of the most storied and most successful quarters we've experienced in my 21 years as a C-level executive at this company. It was successful based on the sheer magnitude of the challenges we faced and overcame, and it was also successful in that we've managed to operate effectively and maintain the strength of our enterprise throughout the crisis to date, while further strengthening the company and positioning it for even