Tool maker Stanley Black & Decker (SWK) - Get Reportsaid on Thursday that its fourth-quarter earnings slipped compared to a year ago as it is faced the negative effects of a strong dollar and some restructuring charges.
The firm said its net income slipped to $255.5 million or $1.71 per share, from $265.5 million, or $1.77 a share. Net sales rose a bit to $2.92 billion from $2.85 billion. According to FactSet data per share income beat analyst estimates for $1.68 a share, but sales fell below Wall Street's $2.93 billion estimate.
The company said it expects to earn $6.85 to $7.05 a share in Fiscal 2017, compared to the FactSet mean analyst estimate of $6.96 per share.
"As we look ahead, we are expecting another strong year in 2017. Certainly, there are significant challenges from a currency and geopolitical perspective, but we are confident in our ability to manage through these uncertainties and focus on solid execution," CEO James Loree said in a press release early Thursday.
Stanley shares fell about 6% in premarket trading.