April 29 (Reuters) - Toolmaker Stanley Black & Decker on Wednesday topped Wall Street estimates for first-quarter revenue and adjusted profit, buoyed by higher pricing, even as sales volumes fell.
Retail customers have been hesitant to place large orders amid macroeconomic uncertainty stemming from inflationary concerns, shipping and supply chain disruptions and U.S. President Donald Trump's tariffs.
Earlier this year, Stanley Black & Decker had said it would mitigate the impact of tariffs by implementing tailored pricing plans.
The Connecticut-based company sells nail guns, power drills, wrenches and small electrical appliances to distributors, independent dealers and industrial customers.
First-quarter net sales at the tools and outdoor unit, its largest segment, rose 2% from a year ago, helped by strong pricing. The unit's volumes fell 5%, largely due to softer sales in North America.
Stanley Black & Decker's first-quarter adjusted profit per share came in at 80 cents, compared with analysts' average expectations of 62 cents, according to data compiled by LSEG.
It posted quarterly revenue of $3.85 billion, beating estimates of $3.75 billion.
The company reaffirmed its full-year adjusted profit forecast range of $4.90 to $5.70.
(Reporting by Parth Chandna and Aishwarya Jain; Editing by Shreya Biswas)
Stanley Black & Decker, Inc. specializes in the design, manufacturing and marketing of tools and engineering solutions for professional, industrial and construction and consumer use. Net sales break down by family of products as follows:
- electric tools and accessories (87%): tools and electric devices (drills wire, sanders, saws, grinders, batteries, etc.), garden tools (shears, cutting edge, trimmers, aerators , grinders, chainsaws, etc.), vacuum cleaners, lamps, lights, battery chargers, starter batteries, power converters, hand tools (measuring and leveling tools, planes, hammers, knives, blades, screwdrivers, saws, etc.), consumer mechanics tools (wrenches and sockets), plastic tool boxes, pneumatic tools and fasteners (nail guns, staplers, staples, etc.);
- industrial products (13%): professional and automotive mechanics tools (wrenches, sockets, electronic diagnostic tools, etc.), storage systems, plumbing, heating and air conditioning tools (pipe wrenches, pliers, tubing cutters, etc.), hydraulic tools, etc.
Net sales are distributed geographically as follows: the United States (61.6%), Canada (4.5%), the Americas (5.6%), Europe (20.3%) and Asia (8%).
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