
NEW BRITAIN, Conn. (AP) — Stanley Black & Decker Inc. on Tuesday reported a loss of $11.2 million in its second quarter.
The Connecticut-based tool company said it had a loss of 7 cents per share. Earnings, adjusted for one-time gains and costs, were $1.09 per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 85 cents per share.
The company posted revenue of $4.02 billion in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $4.01 billion.
Stanley Black & Decker expects full-year earnings in the range of $3.70 to $4.50 per share. Shares of Stanley Black & Decker were up $7.12 to $103.55 in Tuesday trading after the company raised its earnings forecast.