Stanley 3Q net falls; signs exclusivity deal with Home Depot
PHOTO | Robert Benson Photography
Stanley Black & Decker's New Britain headquarters.
New Britain tools manufacturer Stanley Black & Decker Inc. on Thursday said its third quarter profits fell 9.7 percent.
For the quarter ended Sept. 30, Stanley netted $247.8 million, or $1.65 a diluted share, down 9.7 percent compared to $274.5 million, or $1.80 a diluted share, in the third quarter last year.
Stanley’s revenue rose 3.9 percent to $3.4 billion vs. $3.3 billion a year ago.
The company lowered its expected per-share earnings to the range of $5.90 and $6. It previously expected earnings between $7 and $7.20 a share.
During the quarter, Stanley announced it would establish a cost savings program to save $250 million next year to “offset 2019 external headwinds” such as inflation, foreign exchange and tariffs. Most of the cost actions will be completed by year-end and it will be fully implemented in early 2019.
The company on Tuesday also named The Home Depot as its exclusive home improvement retailer for its hand tools and storage product portfolio. The partnership will begin in 2019.
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