By Ben Glickman
Stanley Black & Decker narrowed its guidance for full-year earnings despite uncertainty around demand for the rest of the year.
The New Britain, Conn.-based tool maker said Tuesday it now expects a full-year loss per share of $1.25 to 50 cents, compared with its prior range of a $1.65-loss to a 60-cent-per-share profit. Analysts polled by FactSet expect a full-year loss of 18 cents a share.
The company said it is planning for “a range of 2023 demand outcomes,” said Chief Finance Officer Patrick Hallinan.
The company now expects cash flow of $600 million to $900 million as it focuses on selling off inventory and reducing expenditures.
The company’s profit rose in the second quarter despite sales falling. Stanley Black & Decker has focused on cost-cutting this year, with about $230 million of pre-tax run-rate savings in the second quarter. The company said it is on track to save $1 billion by the end of the year.
Write to Ben Glickman at [email protected]
Read the full article here
