Stanley Black & Decker, Inc. (NYSE:SWK) stock was down on Friday despite it reporting an earnings beat for the first quarter of 2018.

During the first quarter of the year, Stanley Black & Decker, Inc. reported earnings per share of $1.39. This is an increase over its earnings per share of $1.29 reported in the first quarter of 2017. It also beat out Wall Street’s earnings per share estimate of $1.36 for the period.

Net income reported by Stanley Black & Decker, Inc. for the first quarter of 2018 was $170.10 million. This is a drop from its net income of $393.70 million that was reported in the same period of the year prior.

Stanley Black & Decker, Inc.’s revenue for the first quarter of the year was $3.21 billion. This is better than its revenue of $2.86 billion that was reported for the same time last year. It also came in above analysts’ revenue estimate of $3.10 billion for the quarter.

What is possibly dragging SWK stock down today is the update to Stanley Black & Decker, Inc.’s outlook for 2018. The company is lowering its GAAP earnings per share guidance from between $7.80 and $8.00 to a range of $7.40 to $7.60.

Despite the lowering of its GAAP earnings per share guidance for 2018, Stanley Black & Decker, Inc. isn’t lowering its non-GAAP earnings per share guidance for the year. It is still expecting earnings per share for the period to range from $8.30 to $8.50. Wall Street is expecting earnings per share of $8.43 from SWK for the year.

SWK stock was down 6% as of Friday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.