(Reuters) – Stanley Black and Decker beat analysts’ expectations for first-quarter profit on Thursday, as strong residential construction activity in the United States aided demand for its industrial tools and products.
A tight supply of existing homes in the United States has pushed buyers to opt for newly constructed houses, spurring residential construction.
The manufacturer provides hand tools, power tools and industrial products to home improvement retailers, construction businesses and aerospace manufacturers.
The Connecticut-based company posted adjusted profit of 56 cents per share for the quarter, compared with analysts’ average estimate of 54 cents per share, according to LSEG data.
Total quarterly revenue was $3.87 billion, down 1.5% from a year earlier. Yet, it topped the $3.82 billion estimated by analysts.
The company reaffirmed its full-year adjusted profit forecast to be between $3.50 and $4.50 per share.
(Reporting by Aishwarya Jain; Editing by Shilpi Majumdar)
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