Stanley Black & Decker posts quarterly sales miss, tightens annual profit view
Oct 29 (Reuters) -Tool maker Stanley Black & Decker SWK.N missed third-quarter revenue estimates on Tuesday due to tepid demand and challenges in the automotive market, sending its shares down about 3% in premarket trade on Tuesday.
The company, best known for its power tools, also tightened its full-year profit forecast range, with the mid-point unchanged.
Its third-quarter profit still beat estimates as the company has been implementing cost-cuts such as headcount reductions over the last few years to help it navigate inflationary pressures.
Third-quarter revenue for its industrial unit, which serves customers in the automotive and aerospace industries, fell about 18% to $488 million from a year ago, hurt by a divestiture from its infrastructure business and weaker demand.
Overall revenue fell 5% to $3.75 billion, below analysts' estimates of $3.80 billion, according to data compiled by LSEG.
It reported an adjusted profit of $1.22 per share, ahead of estimates of $1.05.
The company now expects annual adjusted profit of between $3.90 and $4.30 per share, from a previous range of $3.70 to $4.50 per share, accounting for charges related to its supply chain.
Reporting by Anshuman Tripathy in Bengaluru; Editing by Devika Syamnath
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
