Stanley Black & Decker posts narrower-than-expected quarterly loss on cost cuts

(Reuters) – Stanley Black & Decker reported a lower-than-expected loss in the second quarter on Tuesday, as cost cut measures cushioned a hit from cooling demand for its power tools.

The industrial tools maker last year cut 1,000 jobs in an effort to trim costs, according to media reports.

The New Britain, Connecticut-based company reported an about 5% fall in quarterly revenue to $4.2 billion in the quarter ended July 1, hurt by lower demand for its power tools from DIY customers and the divestiture of its oil and gas business.

Stanley Black & Decker, whose primary customers include home improvement chain Lowe’s, construction businesses and aerospace manufacturers, now expects a 2023 net loss of between 50 cents and $1.25 per share, down from 60 cents to $1.65 it forecast previously.

On an adjusted basis, the company posted a quarterly loss of 11 cents per share, compared with Refinitiv IBES estimates for a loss of 37 cents.

(Reporting by Aishwarya Jain; Editing by Shinjini Ganguli)