SWK - Why Stanley Black & Decker Shares Are Diving Today | Benzinga
Stanley Black & Decker Inc (NYSE:SWK) shares are trading lower after the company reported first-quarter FY24 results.
Sales declined 2% Y/Y to $3.870 billion, beating the consensus of $3.823 billion. The revenue decline is primarily due to lower infrastructure volume and muted consumer and DIY demand.
Gross margin expanded by 740 bps Y/Y to 28.6%, and adjusted gross margin was up 590 bps Y/Y to 29.0%.
Adjusted gross margin expansion was driven by lower inventory destocking costs, supply chain transformation benefits, and declining shipping costs.
Adjusted EBITDA margin was 8.9%, up 440 basis points Y/Y. Adjusted EPS of $0.56 beat the consensus of $0.54.
Cost ...