Guidance
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SWK
FY2026 Q1
개선
Stanley Black & Decker, Inc. 실적 발표
Buzzberg 분석
Adjusted EPS guidance maintained despite tariff and inflation offsets
SWK delivered a strong Q1 with EPS 20 cents above the high end of guidance, driven by a well-executed outdoor preseason and lower tax rate. Management maintained full-year EPS guidance while crediting a temporary tariff tailwind that is offset by new inflationary pressures. Q1 EPS of $0.80 beat the high-end of guidance by $0.20, with half of the beat from operating outperformance in Outdoor and half from below-the-line timing items.
Buzzberg 분석 Adjusted EPS guidance maintained despite tariff and inflation offsets SWK delivered a strong Q1 with EPS 20 cents above the high end of guidance, driven by a well-executed outdoor preseason and lower tax rate. Management maintained full-year EPS guidance while crediting a temporary tariff tailwind that is offset by new inflationary pressures. Q1 EPS of $0.80 beat the high-end of guidance by $0.20, with half of the beat from operating outperformance in Outdoor and half from below-the-line timing items. 전체 분석 보기분석 접기
SWK delivered a strong Q1 with EPS 20 cents above the high end of guidance, driven by a well-executed outdoor preseason and lower tax rate. Management maintained full-year EPS guidance while crediting a temporary tariff tailwind that is offset by new inflationary pressures. Q1 EPS of $0.80 beat the high-end of guidance by $0.20, with half of the beat from operating outperformance in Outdoor and half from below-the-line timing items.
- Full-year 2026 EPS guidance maintained at $4.90-$5.70, with reported revenue expected to be flat due to the divestiture of CAM.
- Tariff policy changes, including the move from IEPA to Section 122 tariffs, are expected to be a net tailwind compared to prior assumptions, but this is roughly offset by new inflation from battery metals, tungsten, and the Middle East conflict.
- Gross margin trajectory is expected to improve significantly in the second half of the year, with management confirming it can see the Q3 2026 gross margin rate in its balance sheet already.
TOOLS_AND_OUTDOOR 매출$3.3B보고값
매출$3.8464B+4% 전분기 대비
주당순이익(EPS)$0.80-43% 전분기 대비
매출총이익률30.09%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Tariffs
Tariff changes are a net tailwind, offset by inflation
Balance Sheet
CAM divestiture proceeds used to reduce debt
핵심 내용 3개 더 보기
Capital Allocation
Capital allocation biased toward share repurchases
Demand
Professional channel growth confirms strategy traction
Margins
Adjusted gross margin 35% targeted by Q4 2026
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| TOOLS_AND_OUTDOOR 매출 | $3.3B | 보고값 |
| 매출 | $3.8464B | +4% 전분기 대비 |
| 주당순이익(EPS) | $0.80 | -43% 전분기 대비 |
| 매출총이익률 | 30.09% | 보고값 |
| 영업이익률 | 6.02% | 보고값 |
| 잉여현금흐름 | $-0.4473B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 주당순이익(EPS) | FY2026 | $4.90–$5.70 | $5.30 | 유지 |
| 잉여현금흐름 | FY2026 | $0.5B–$0.7B | $0.6B | 제시 |
| 매출 | FY2026 | $3.9B | $3.9B | 제시 |
AI, 자본지출 및 수요 분석
경영진 분석
Measured
Management acknowledged a challenging environment but emphasized execution, progress on strategic initiatives, and reiterated guidance with confidence.
외부 신호
공급망 알파 · 3발표 이후 수익률
Management expects new Section 301 tariffs to be introduced at the same level as the old IEPA tariffs, meaning underlying tariff costs would be virtually the same by August as they were prior to the Supreme Court ruling in February.
근거
“Our base case assumption is that new Section 301 tariffs will be introduced at the same level as the old IEPA tariffs, which means our underlying tariff costs would be virtually the same by August as they were prior to the Supreme Court ru…”
Management sees a massive step-up in gross margin from the first half to the second half of the year, with 40% of the delta from net productivity benefits and another similar amount from adjusting the fixed cost structure to the current volume environment.
근거
“you're talking about really three big factors that go beyond the normal seasonality of outdoor or the cam issue that you mentioned, because these are really the ones that are going to sustain it and drive it long term”
Management affirmed that the 232 tariff changes only translate to an incremental headwind of $15 million on an annualized basis, or less than $10 million in 2026, despite market speculation about outsized exposure.
근거
“we assessed the incremental headwind to be just $15 million on an annualized basis and less than $10 million for 2026”
방법론 및 범위
경영진 발언만 분석합니다. 검증된 기업 언급 0개를 모두 표시하며, 보고 실적과 향후 가이던스를 분리합니다. 공개 근거는 화자가 표시된 짧은 인용문 8개로 제한됩니다. AI 분석은 불완전하거나 틀릴 수 있으므로 중요한 주장은 원문에서 확인하세요.