The company says that it sees organic growth for the three months ending in December of around 10%, well ahead of its prior forecast of between 3% and 5%. The group also expects free cash flow to be 'greater than' $1 billion, an improvement from its earlier estimate of between $800 million and $900 million.
"These revised assumptions are a result of stronger demand across North America, Europe and emerging markets in Tools and Storage as well as a stronger performance in Engineered Fastening and Attachment Tools within Industrial," the company wrote in a filing with the Securities and Exchange Commission. "Tools & Storage United States Retail POS is tracking above the high end of our planning assumption, with the quarter to date growth up 22% through December 5th."
Latest Videos From TheStreet and Jim Cramer:
- Coronavirus: The Latest Numbers on the COVID-19 Pandemic
- Streaming Isn't Enough to Make Jim Cramer Buy AT&T Stock
- What Stimulus Checks Do and Don’t Mean For Your Taxes
- Time Is Right for Airbnb, DoorDash IPOs, Asset Manager Says
- Drivers of Disruption and Innovation in the PPE Space
- Why Jim Cramer Is Confident on a Vaccine Rollout
- Jim Cramer: How to Balance Stay-At-Home and Return to Normal Plays