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Why Industrial Tools Maker Stanley Black & Decker's Shares Are Trading Higher Today

Published Oct 27, 2023 13:46 Updated Oct 27, 2023 15:10
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© Reuters. Why Industrial Tools Maker Stanley Black & Decker's Shares Are Trading Higher Today
 
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Benzinga - by Shivani Kumaresan, Benzinga Staff Writer.

Stanley Black & Decker Inc (NYSE: SWK) reported a third-quarter FY23 sales decline of 4.1% year-on-year to $3.953 billion, missing the analyst consensus estimate of $3.965 billion.

The revenue decline is primarily due to lower outdoor and DIY volume as well as attachment tool customer destocking.

Gross profit increased 4.2% to $1.06 billion, and the gross margin expanded 210 basis points to 26.8%.

Operation profit for the quarter climbed 21.9% to $266.3 million, and the operating margin expanded 140 basis points to 6.7%.

Stanley held $347.8 million in cash and equivalents as of September 30, 2023.

Adjusted EPS of $1.05 beat the analyst consensus estimate of $0.83.

Outlook: Stanley Black raised its FY23 EPS outlook from $0.70 - $1.30 to $1.10 - $1.40 versus an estimate of $1.07.

SWK reiterated its target for 2023 free cash flow generation to approximate $0.6 billion to $0.9 billion.

"We are creating strong momentum with our cost reduction program, delivering $880 million in inventory reduction and $675 million of pre-tax run-rate cost savings year-to-date, both ahead of our initial plans," said Patrick D. Hallinan, Executive Vice President and CFO.

Price Action: SWK shares are trading higher by 3.59% at $80.00 in premarket on the last check Friday.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Why Industrial Tools Maker Stanley Black & Decker's Shares Are Trading Higher Today
 

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