Economics
Black & Decker Plunges as ‘Reality Check’ Leads to Gloomier Outlook
- Company joins Ford, J&J, PPG in tempering 2019 expectations
- Tool maker plunges most since 1980 on ‘reality check’
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Stanley Black & Decker Inc. became the most recent manufacturer to warn investors about a global economic slowdown as the company forecast profit that missed analysts’ estimates. The stock tumbled the most since at least 1980.
The maker of power and hand tools, which counts Lowe’s Cos. and Home Depot Inc. as its largest customers, said earnings this year would be as much as $8.65 a share, missing an average projection of $8.80. The company, which has a long-term organic sales growth target at 4 percent to 6 percent, noted that 2019’s performance would be at the bottom of that range.