Stanley Black & Decker stock falls after profit beat, but revenue missed and outlook cut

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Shares of Stanley Black & Decker Inc. SWK,
+0.69%
fell 0.8% in premarket trading Thursday, after the tools maker reported first-quarter profit that topped expectations but revenue that missed and cut its full-year earnings outlook. Net income dropped to $175.3 million, or $1.06 a share, from $487.4 million, or $2.91 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $2.10 beat the FactSet consensus of $1.69. Revenue grew 19.5% to $4.45 billion, below the FactSet consensus of $4.62 billion, as increases from acquisitions and a 5% boost from price realization was partially offset by a 6% decline in volume. “Inflationary trends continued during the quarter and we are responding with additional pricing actions to be implemented in the coming weeks,” said Chief Financial Officer Donald Allan. “We are adjusting our plan accordingly as well as incorporating the impact of strategic divestitures and the closure of our Russia business into revised guidance.” The company cut its 2022 adjusted EPS guidance range to $9.50 to $10.50 from $12.00 to $12.50. The stock has tumbled 26.2% year to date through Wednesday, while the S&P 500 SPX,
+0.21%
has lost 12.2%.

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Credit: www.marketwatch.com /

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