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Stanley Black & Decker Lowers 2021 Earnings Guidance

While reporting third-quarter results on Thursday, Stanley Black & Decker (SWK) updated its 2021 earnings per share guidance, on an adjusted basis, to $10.90 - $11.10 from $11.35 - $11.65. The company said the updated full year 2021 guidance calls for organic revenue growth of 16% - 17% and, at the midpoint, adjusted EPS expansion of 22% from prior year.

Analysts polled by Thomson Reuters expect the company to report profit per share of $11.54. Analysts' estimates typically exclude special items.

Also, the company updated its 2021 EPS outlook to $10.20 - $10.45 from $10.80 - $11.20 on a GAAP basis. Free cash flow is expected to approximate $1.1 - $1.3 billion.

"We are prioritizing meeting demand in a universally difficult supply chain environment and are actively addressing the inflationary trends impacting the business with new targeted pricing actions and increased productivity measures," said James Loree, CEO.

Third-quarter adjusted profit per share was $2.77 compared to profit of $2.89, prior year. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $2.47, for the quarter. Analysts' estimates typically exclude special items. Net profit to shareowners was $414.2 million or $2.56 per share compared to $385.5 million or $2.44 per share.

Sales increased to $4.26 billion from $3.85 billion, a year ago. Analysts expected revenue of $4.24 billion, for the quarter. Organic growth was 10%, for the quarter.

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