Stanley Black & Decker (SWK) results mixed as revenue impacted by lower consumer and DIY volume
Stanley Black & Decker (NYSE: SWK) reported mixed first-quarter results Thursday, topping earnings estimates but missing consensus revenue expectations.
The Connecticut-based company reported a Q1 loss per share of $0.41, $0.32 better than the analyst estimate of a loss of $0.73 per share. However, revenue for the quarter came in at $3.9 billion versus the consensus estimate of $4.01 billion. Revenue also declined compared to the prior year due to lower consumer and DIY volume, currency headwinds and strategic divestiture.
The company's shares opened the session higher on Thursday but are currently flat at around $86.50.
""We have become a more focused company with core market leadership positions in Tools & Outdoor and Industrial, built on the strength of our people and culture. While the near-term demand environment remains dynamic, the long-term opportunity in our key markets remains compelling," said Donald Allan, Jr., Stanley Black & Decker's President and CEO.
Looking ahead, SWK sees FY2023 EPS from $0.00 to $2.00 versus the consensus of $0.94.
By Sam Boughedda