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Stanley Black & Decker profit more than doubles to handily beat estimates

FHFA, Treasury agree to let Fannie Mae and Freddie Mac retain earnings

Stanley Black & Decker Inc.
SWK,
-1.85%
posted better-than-expected earnings for the fourth quarter, as profit more than doubled from the year-earlier period despite the challenges created by the pandemic. The New Britain, Conn.-based tool maker said it had net income of $458.0 million, or $2.88 a share, in the quarter, up from $199.1 million, or $1.32 a share, in the year-earlier period. Adjusted per-share earnings came to $3.29, well ahead of the $3.03 FactSet consensus. Revenue rose to $4.408 billion from $3.714 billion, also ahead of the $4.126 billion FactSet consensus. “We are excited to turn the page on 2020 and we enter 2021 with optimism and a company that is running on all cylinders and gaining momentum,” Chief Executive James M. Loree said in a statement. “Despite challenging second half comparables, our 2021 outlook calls for positive organic growth, 11% adjusted EPS growth at the midpoint and another strong free cash flow performance.” The company is expecting 2021 EPS to range from $9.15 to $9.85, and for adjusted EPS to range from $9.70 to $10.30. The current FactSet consensus is for EPS of $9.70, the low end of that range. Shares were not active premarket, but have gained 4.2% in the last 12 months, while the S&P 500
SPX,
-2.57%
has gained 14%.

About the author

Christine Watkins

Christine founded Sports Grind Entertainment with an aim to bring relevant and unaltered Sports news to the general public with a specific view point for each story catered by the team. She is a proficient journalist who holds a reputable portfolio with proficiency in content analysis and research.

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