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Stanley Black & Decker Misses Third-Quarter Sales, Cuts Full-Year Outlook

Toolmaker hit by supply chain disruptions, inflation

Stanley Black & Decker Inc. on Tuesday missed Wall Street's sales estimates for the third quarter and cut its full-year outlook, as the toolmaker continues to grapple with supply chain disruptions and inflation.

Sales fall short

The New Britain, Connecticut-based company reported net sales of $4.31 billion for the quarter ended Sept. 30, up 11.9% year-over-year but below analysts' average estimate of $4.36 billion, according to Refinitiv data.

Earnings beat

Despite the sales miss, Stanley Black & Decker beat earnings expectations, with adjusted earnings per share of $2.94 surpassing the consensus estimate of $2.84.

Outlook cut

The company now expects full-year sales growth of 8% to 10%, down from its previous forecast of 9% to 11%. It also lowered its adjusted earnings per share guidance to a range of $11.50 to $11.70 from $11.75 to $12.05.

Supply chain issues

Stanley Black & Decker CEO Donald Allan Jr. said the company continues to face supply chain disruptions, particularly in Asia, which have led to higher costs and delivery delays.

Inflationary pressures

The company is also facing inflationary pressures, with costs for raw materials, transportation, and labor increasing. Allan said the company is working to offset these costs through price increases and cost-cutting measures.

Demand remains strong

Despite the challenges, Allan said demand for the company's products remains strong, particularly in the automotive and construction sectors.

Outlook cautious

However, the company is cautious about the outlook for the rest of the year, given the ongoing supply chain and inflationary challenges.

Financial results

Net sales: $4.31 billion, up 11.9% year-over-year
Adjusted earnings per share: $2.94, up 12.4% year-over-year
Full-year sales growth outlook: 8% to 10%, down from previous forecast of 9% to 11%
Full-year adjusted earnings per share guidance: $11.50 to $11.70, down from previous guidance of $11.75 to $12.05

Challenges

Supply chain disruptions
Inflationary pressures

Opportunities

Strong demand in automotive and construction sectors

Outlook

Stanley Black & Decker is cautious about the outlook for the rest of the year, given the ongoing supply chain and inflationary challenges.