Stanley Black & Decker posts quarterly sales miss, tightens annual profit view

Stanley Black & Decker

29/10/2024 11:44

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)
 ((Anshuman.Tripathy@thomsonreuters.com;))