Stanley Black & Decker Blows Past Estimates (SWK)

Stanley Black & Decker, Inc SWK announced on Wednesday morning that it far surpassed consensus Wall Street estimates. Stanley Black & Decker, Inc (SWK) reported that its 2nd quarter net income fell to $45.8 million, or 28 cents per share, down from $70.8 million, or 87 cents per share, a year earlier. Excluding special items, the company reported earnings of $1.24 per share. Net sales jumped 157% to 2.37 billion, fueled by last year's acquisition of Black & Decker. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 78 cents per share, on revenue of $2.25 billion. Stanley Black & Decker raised its full year earnings forecast to a range of $3.35 to $3.55 per share, up from the previous forecast of $3.10 to $3.30 per share. The consensus price target of analysts covering the stock is $71.00 per share. New Britain, Connecticut based Stanley Black & Decker, Inc. is a manufacturer of tools and engineered security solutions. The company operates in the following business segments: the security segment, the industrial segment and the construction & do-it-yourself segment. Read more from Benzinga's Company news.