-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：SWK第一季度调整后每股收益为0.80美元，高于市场普遍预期的0.59美元。尽管面临持续的关税压力和销量下滑，其营收仍同比增长3%，达到38亿美元。受销量下降的影响，调整后毛利率下降20个基点至30.2%。各业务板块表现不一，工具及户外用品业务毛利率下降50个基点至8.3%，而工程紧固件业务毛利率则上升350个基点至11.9%。出售CAM业务所得的16亿美元收益通过降低债务增强了SWK的资产负债表，使其更加专注于核心业务。管理层将2026年GAAP每股收益预期上调至4.15美元至5.35美元，以反映出售收益，同时重申调整后每股收益预期为4.90美元至5.70美元。工具及户外用品（占销售额的 87%）增长 2%，价格上涨（+4%）抵消了北美零售销量下滑（-5%）的影响；工程紧固件业务增长 10%，主要得益于航空航天和汽车行业的需求增长。我们预计，随着公司杠杆水平的提升以及当前不利因素的逐步消除，利润率将恢复改善。
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