Stanley Black & Decker Q1 loss of $1.26 EPS; revenue down 12%; cost savings on track

STANLEY BLACK & DECKER, INC.

2023-Q1 EPS reported -$1.26 revenue$3,931,800,000

Net sales $3.93B, down 12% YoY; GAAP diluted EPS ($1.26); adjusted diluted EPS ($0.41).
Tools & Outdoor segment profit rate ex-charges 3.0% vs 14.0% YoY; Industrial 11.0% vs 6.4% YoY.
Inventory reduced ~$200M sequentially to $5.7B; targeting $0.75-1B reduction in 2023.
Cost reduction program delivered $230M pre-tax run-rate savings in Q1; on track for $1B by end of 2023.
2023 GAAP EPS guidance narrowed to ($1.65)-$0.60; adjusted EPS reaffirmed $0.00-$2.00; FCF $0.5-1.0B.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

STANLEY BLACK & DECKER, INC. reported first quarter 2023 results: revenue $3.9 Billion, EPS ($1.26). Guidance reaffirmed.

Period: first quarter 2023
Revenue: $3.9 Billion
EPS: ($1.26)
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Since Mid-2022 New Britain, Connecticut, May 4, 2023 ... Stanley Black & Decker (NYSE: SWK) today announced first quarter 2023 financial results. • First Quarter Revenues of $3.9 Billion, Down Versus Prior Year Due to Lower Consumer & DIY Volume, Currency and Strategic Divestiture • First Quarter Diluted GAAP EPS Was ($1.26); Excluding Charges, First Quarter

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Source: SEC EDGAR

accession 0000093556-23-000011

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