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Stanley Black & Decker investors got hit by a two by four in the form of a sharp earnings decline. The toolmaker has been working on a turnaround.
The pandemic created opportunities, but its aftermath also exposed some underlying issues at Stanley Black & Decker. The restructuring plan is on track, and the company will attract value investors and dividend hunters alike.
Weakness in the Tools & Outdoor unit due to lower consumer outdoor and DIY market demand weighs on Stanley Black's (SWK) top line in Q3. However, lower costs drive the bottom line.
Stanley Black & Decker, Inc. (SWK) Q3 2023 Earnings Call Transcript
Stanley Black & Decker (NYSE:SWK) (SBD) shares rose after the industrial equipment provider's third quarter earnings topped estimates. The company's earnings per share (EPS) were $1.05, ahead of estimate of $0.84.
While the top- and bottom-line numbers for Stanley Black & Decker (SWK) give a sense of how the business performed in the quarter ended September 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
Stanley Black & Decker (SWK) came out with quarterly earnings of $1.05 per share, beating the Zacks Consensus Estimate of $0.84 per share. This compares to earnings of $0.76 per share a year ago.
Shares of Stanley Black & Decker Inc. SWK, -0.03% jumped 2.1% in premarket trading Friday to bounce off a five-month low, after the tools maker reported third-quarter profit that was well above expectations and raised the full-year outlook, as cost cutting provided a boost. Net income dropped to $4.7 million, or 3 cents a share, from $844.6 million, or $5.50 a share, in the year-ago period.
Stanley Black's (SWK) Q3 results are likely to be hurt by lower volumes. However, cost-control measures are expected to drive earnings.
Allegion is home to many No. 1 and No. 2 access and security brands throughout North America and Europe.