Stanley Black & Decker (SWK) Q3 Revenue More Than Doubles; Raises Guidance

October 20, 2010 10:08 AM EDT
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Stanley Black & Decker (NYSE: SWK) posted better-than-expected results for the third quarter on Wednesday, boosted by stronger sales of its hand tools, while the company raised its outlook for the full year for the second time this year.

The company reported third-quarter earnings of 97 cents per share, 8 cents better than the analyst estimate of 89 cents per share.

Revenue for the Stanley Black & Decker more than doubled from the same quarter last year to $2.36 billion. The company was formed after Stanley Works bought Black & Decker last year.

On average, analysts had been looking for more modest earnings of 90 cents per share from the company on sales of $2.26 billion.

"We continue to analyze the revenue synergy potential for the combined company we have reason to believe that execution of these initiatives will drive significant additional top-line growth in the coming years," Stanley Black & Decker’s President and CEO, John F. Lundgren commented.

The company increased its full year 2010 earnings forecast from $3.60 to $3.70 per share to a range of $3.81 to $3.91 per share, compared to the Street's view of $3.59 per share.

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