Why Industrial Tools Maker Stanley Black & Decker's Shares Are Trading Higher Today
Portfolio Pulse from Shivani Kumaresan
Stanley Black & Decker Inc (NYSE: SWK) shares are trading higher after reporting better-than-expected Q2 FY24 results. Despite a 3.3% decline in sales to $4.024 billion, the company beat analyst estimates. Gross profit increased by 22.4%, and adjusted EPS of $1.09 surpassed the consensus of $0.84. The company also revised its FY24 adjusted EPS outlook upwards and expects higher free cash flow.
July 30, 2024 | 11:35 am
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Stanley Black & Decker's Q2 FY24 results exceeded expectations, with a 22.4% increase in gross profit and adjusted EPS of $1.09 beating the $0.84 consensus. The company also revised its FY24 adjusted EPS outlook upwards and expects higher free cash flow.
The better-than-expected Q2 results, including a significant increase in gross profit and adjusted EPS, along with an upward revision of the FY24 outlook, are likely to positively impact SWK's stock price in the short term.
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IMPORTANCE 90
RELEVANCE 100