Stanley Black & Decker beats by $0.08, beats on revs; raises FY17 EPS guidance
- Reports Q3 (Sep) earnings of $1.95 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus of $1.87; revenues rose 14.5% year/year to $3.3 bln vs the $3.15 bln Capital IQ Consensus.
- Net sales for the quarter were $3.3 billion, up 14% versus prior year, as acquisitions (+9%), volume (+7%) and currency (+1%) more than offset divestitures (-3%).
- Gross margin rate for the quarter was 38.0%. Excluding charges, the gross margin rate was 38.2%, up 60 basis points versus 3Q'16, as volume leverage and productivity more than offset increasing commodity inflation.
- Co raises guidancefor FY17, sees EPS of $7.33-7.43 (Prior $7.18-7.38), excluding non-recurring items, vs. $7.31 Capital IQ Consensus Estimate; The Company is also reiterating its free cash flow conversion estimate of approximately 100%.
- "As we look ahead to 2018, our strong day-to-day execution and commitment to SFS 2.0 give us confidence in our ability to deliver solid organic growth with operating leverage, earnings per share expansion and free cash flow conversion consistent with our long-term financial objectives."
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