UPDATE: Stanley Black & Decker Posts 44% Rise In Q3 Profit, Lowers Outlook
Stanley Black & Decker (NYSE: SWK) reported a 44% rise in its third-quarter earnings and cut its outlook for the year.
Stanley Black & Decker now projects full-year earnings of $4.90 to $5 per share, versus its earlier forecast of $5.40 to $5.65 per share.
Stanley Black & Decker's quarterly profit gained to $166 million, or $1.04 per share, from $115.2 million, or $0.69 per share, in the year-earlier period. Excluding one-time items, it earned $1.39 per share.
Its sales rose 9.6% to $2.76 billion. However, analysts were expecting earnings of $1.38 per share on revenue of $2.82 billion.
Stanley Black & Decker shares dropped 9.73% to $80.85 in pre-market trading.
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