Stanley Black & Decker Q3 Profit, Revenue Slide; Lifts FY EPS View

(RTTNews) - Stanley Black & Decker (SWK) Thursday reported lower profit for the third quarter, amid a drop in revenues.

The company provides power and hand tools, mechanical access solutions, and electronic security and monitoring systems for various industrial applications.

Attributed profit declined to $228.7 million from $236.7 million. Earnings per share were $1.52, compared to $1.47 last year.

On average, 16 analysts polled by Thomson Reuters expected earnings of $1.44 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the period were $2.83 billion, compared to $2.88 billion last year. Analysts expected revenues of $2.81 billion.

The 2 percent drop was due to an adverse currency impact of 8 percent that more than offset positive volume of 5 percent and price increase of 1 percent.

Chairman and CEO, John Lundgren, said, "We achieved continued share gains across much of the portfolio in the third quarter and remain on track to deliver strong organic growth for the year."

The company raised its earnings per share outlook for the year to $5.80 to $5.95 from $5.70 to $5.90 on a GAAP basis, reflecting the impacts of a stronger operational performance combined with incremental commodity deflation. Analysts look for earnings of $5.82 per share for the year.