Stanley Black & Decker narrows FY24 EPS view to $3.70-$4.50 from $3.50-$4.50

Consensus $3.98. Raises FY24 free cash flow view to $650M-$850M from $600M-$800M. Patrick Hallinan, Executive Vice President and CFO, commented, “In the first half of 2024 we enhanced gross margins versus the prior year and accelerated working capital improvements, which together with proceeds from the Infrastructure divestiture, reduced $1.2 billion debt and further strengthened our balance sheet. Looking forward, we remain focused on executing our supply chain improvements to further improve gross margin and earnings in the second half of 2024 and our progress to date supports our improved full year adjusted earnings* and free cash flow* outlook. We remain confident that our actions to drive toward our target of 35%+ adjusted gross margins* while funding additional organic revenue growth* investments will continue generating positive results. Our top priorities remain delivering margin expansion, cash generation and balance sheet strength to position the Company for long-term growth and value creation.”