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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 (NYSE:LOW), 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.
