WASHINGTON (dpa-AFX) - (Adds Outlook)
Stanley Black & Decker (SWK) said its management narrowed 2024 EPS guidance ranges with GAAP EPS to be between $1.15 to $1.75, updated from prior range of $0.90 to $2.00, and adjusted EPS to be between $3.90 to $4.30, updated from prior range of $3.70 to $4.50. Free cash flow is reiterated at approximately $650 million to $850 million.
'Looking forward, we remain focused on executing further supply chain improvements to drive toward our target of 35%+ adjusted gross margins, support incremental growth investments and deliver improved earnings. Our top priorities remain delivering margin expansion, cash generation and balance sheet strength to position the company for long-term growth and value creation,' Patrick Hallinan, CFO, stated.
Q3 Results:
The company's bottom line totaled $91.1 million, or $0.60 per share. This compares with $4.7 million, or $0.03 per share, in last year's third quarter. Excluding items, Stanley Black & Decker, Inc. reported adjusted earnings per share of $1.22 compared to $1.05. Analysts on average had expected the company to earn $1.05 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter fell 5.1% to $3.75 billion from $3.95 billion last year. Analysts on average had estimated $3.8 billion in revenue.
Shares of Stanley Black & Decker are down 2% in pre-market trade on Tuesday.
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