Stanley Black & Decker stock bounces off 5-month low after big earnings beat, raised outlook

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Tomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter @TomiKilgore.

Shares of Stanley Black & Decker Inc. SWK, -0.03% jumped 2.1% in premarket trading Friday to bounce off a five-month low, after the tools maker reported third-quarter profit that was well above expectations and raised the full-year outlook, as cost cutting provided a boost. Net income dropped to $4.7 million, or 3 cents a share, from $844.6 million, or $5.50 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.

99 billion, as sales for the company’s tools and outdoor and industrial businesses both fell 4%. For 2023, the company raised its guidance range for adjusted EPS to $1.10 to $1.40 from 70 cents to $1.30. “We are creating strong momentum with our cost reduction program, delivering $880 million in inventory reduction and $675 million of pre-tax run-rate cost savings year-to-date, both ahead of our initial plans,” said Chief Financial Officer Patrick Hallinan. The stock has dropped 21.

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