Stanley Black & Decker Sees Shutdown Impact
Stanley Black & Decker has lowered its profits forecast for the full year, saying that the real economic impact from the government shutdown is one factor in its prediction.
The New Britain-based tool maker saw a boost in both revenues and profits for the third quarter. But Chief Operating Officer James Loree told a conference call that the shutdown is bound to have an impact on earnings. "September was a slow month in industrial and automotive repair, for sure, with the government basically shut down," Loree said. "There's usually a surge in September related to government spending. It just didn't occur, so that was clear. It was a very slow September in relation to what we expected and what we've been experiencing."
Stanley saw a 44 percent increase in net income for the third quarter at $166 million, or $1.39 per share. It lowered its previous full-year guidance by more than $.50 a share.