Stanley Black & Decker, Inc. (SWK), while announcing weak third-quarter results, on Friday updated its fiscal 2023 forecast.<\/p>\n
In pre-market activity on the NYSE, the shares were gaining around 3 percent to trade at $79.29.<\/p>\n
For the year, the company now expects loss per share between $1 and $1.45, compared to previously expected loss of $0.50 to $1.25.<\/p>\n
Adjusted earnings per share are now expected to be $1.10 to $1.40, higher than $0.70 to $1.30 expected earlier.<\/p>\n
Analysts on average expect the company to earn $1.07 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.<\/p>\n
Patrick Hallinan, Executive Vice President and CFO, said, “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.”<\/p>\n
In its third quarter, earnings totaled $4.7 million, or $0.03 per share, compared to $844.6 million, or $5.50 per share, in last year’s third quarter.<\/p>\n
Adjusted earnings were $158.2 million or $1.05 per share for the period. Analysts had expected the company to earn $0.83 per share.<\/p>\n
The company’s revenue for the quarter fell 4.1 percent to $3.95 billion from $4.12 billion last year, mainly due to lower volume and price. <\/p>\n
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