Stanley Black & Decker narrows FY23 adjusted EPS view to 70c-$1.30 from 0c-$2.00

Consensus 96c. Patrick Hallinan, executive VP and CFO, commented, “In the first half, we reduced inventory by $575 million and generated $460 million of pre-tax run rate cost savings, both modestly ahead of our plan. The progress we’ve made sets the business up for continued gross margin improvement in the second half of 2023. Looking forward, as we continue to plan around a range of 2023 demand outcomes, we are executing our transformation to deliver the cost savings that are largely within our control and create flexibility to fund growth investments. Cash generation, gross margin improvement and balance sheet strength remain our top priorities as we continue positioning the Company for long-term growth and value creation.”