The New Britain-based firm saw net earnings climb as tariff refunds provided a 250-basis-point lift to gross margins, which reached 33%. While overall net sales remained flat compared to the previous year, the company benefited from a 3% organic growth surge in its Tools & Outdoor segment, driven primarily by strong performance in U.S. retail and industrial channels.
Management utilized the influx of capital from the April sale of its Consolidated Aerospace Manufacturing business to reduce debt by $1.7 billion and execute $250 million in share repurchases. President and CEO Chris Nelson noted that these strategic moves keep the company on course for its annual financial goals. Consequently, the firm raised its adjusted earnings per share guidance to a range of $5.20 to $5.80, while lifting its free cash flow projection to between $600 million and $800 million.
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