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S&P 500 (NYSE:SPY) component Stanley Black & Decker Inc. (NYSE:SWK) reported its results for the first quarter. Stanley Black & Decker supplies tools and engineered solutions for professional, industrial, construction, and do-it-yourself use, as well as security solutions for industrial and commercial applications.
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Stanley Black & Decker Earnings Cheat Sheet for the First Quarter
Results: Net income for Stanley Black & Decker Inc. fell to $121.1 million (72 cents per share) vs. $158.7 million (92 cents per share) a year earlier. This is a decline of 23.7% from the year-earlier quarter.
Revenue: Rose 12.3% to $2.65 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Stanley Black & Decker Inc. reported adjusted net income of $1.09 per share. By that measure, the company fell short of mean estimate of $1.13 per share. Analysts were expecting revenue of $2.64 billion.
Quoting Management: Stanley Black & Decker’s President and CEO, John F. Lundgren, said, “We commenced 2012 on solid footing amidst a macroeconomic backdrop filled with mixed signals. March 12th marked the two-year anniversary of the Stanley Black & Decker combination and we remain pleased with how the integration has progressed. We are in the final stages of achieving the previously announced annualized cost synergy rate of $485 million as we enter 2013, up from our original forecast of $350 million. Our plans to achieve $300 – $400 million in revenue synergies by 2013 remain on track and we feel confident these projects will drive profitable organic growth as they did in 2011.”
The company fell short of forecasts after beating estimates in the previous two quarters. In the fourth quarter of the last fiscal year, it topped the mark by 8 cents, and in the third quarter of the last fiscal year, it was ahead by 2 cents.
Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the second quarter has moved up from $1.51 a share to $1.57 over the last ninety days. For the fiscal year, the average estimate has moved down from $5.92 a share to $5.87 over the last ninety days.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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