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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