Stanley Black & Decker ups FY23 adjusted EPS view to $1.10-$1.40 from 70c-$1.30

Consensus $1.07. The company said, “Management is revising its guidance ranges and expects 2023 GAAP EPS to be in the range of ($1.45) to ($1.00) (From ($1.25) to ($0.50)) incorporating a third quarter $124 million pre-tax non-cash impairment charge related to the Irwin and Troy-Bilt trade names. The Company is raising the expected 2023 adjusted EPS* to be between $1.10 to $1.40, (Up from $0.70 to $1.30). The Company is reiterating its target for 2023 free cash flow* generation to approximate $0.6 billion to $0.9 billion, significantly ahead of net income, due to ongoing inventory reductions.”