(RTTNews) - While reporting first-quarter results on Thursday, Stanley Black & Decker (SWK) reduced its full year 2022 adjusted EPS guidance to $9.50 - $10.50 from prior guidance range of $12.00 - $12.50. The company lowered GAAP EPS guidance range to $7.20 - $8.30, from $10.10 - $10.70. Free cash flow is expected to be approximately $1.0 to $1.5 billion.
Stanley Black & Decker noted that inflationary trends continued during the first quarter and the company is responding with additional pricing actions to be implemented in the coming weeks. Stanley Black & Decker is adjusting its plan accordingly as well as incorporating the impact of strategic divestitures and the closure of Russia business into its revised guidance.
For the first quarter, the company's earnings totaled $155.8 million, or $0.94 per share compared to $451.0 million, or $2.74 per share, prior year. Excluding items, Stanley Black & Decker reported adjusted earnings of $347.4 million or $2.10 per share for the period.
The company's revenue for the quarter rose 19.6% to $4.45 billion from $3.72 billion last year.
Shares of Stanley Black & Decker were down 3% in pre-market trade on Thursday.
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