Aug 1 (Reuters) - Stanley Black & Decker (SWK.N) reported a lower-than-expected loss in the second quarter on Tuesday, as cost cut measures cushioned a hit from cooling demand for its power tools.
The industrial tools maker last year cut 1,000 jobs in an effort to trim costs, according to media reports.
Stanley Black & Decker, whose primary customers include home improvement chain Lowe's (LOW.N), 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.
Reporting by Aishwarya Jain; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.
Persons:
Stanley Black, Decker, Aishwarya Jain, Shinjini
Organizations:
Thomson
Locations:
Britain , Connecticut