Snap-On misses quarterly sales estimates on weak demand for power tools [Yahoo! Finance]
Snap-On Incorporated (SNA)
Last snap-on incorporated earnings: 4/21 06:30 am
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Source: Yahoo! Finance
fewer tools and equipment made by the company, offsetting steady demand for its products from auto dealerships. Higher tool prices are causing U.S. repair technicians to cut back on spending, denting demand for Snap-On's smaller wrenches and ratchets. The Kenosha, Wisconsin-based company said sales in the tools segment declined about 7% to $500.1 million in the first quarter ended March 30, while operating earnings also fell to $117.3 million from $131.7 million a year ago. Sales at the company's "Commercial & Industrial" division, which caters to critical industries such as transportation, military, aerospace and power generation, fell to $359.9 million in the quarter from $363.8 million last year due to weak demand for power tools. Meanwhile, the company saw strong demand for undercar equipment from original equipment manufacturer (OEM) dealerships and independent repair shops, helping boost its profits. Snap-On expects capital expenditures in 2024 to be $100 million to $1
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SNA
Earnings
- 4/18/24 - Beat
SNA
Sec Filings
- 4/30/24 - Form 4
- 4/26/24 - Form 4
- 4/26/24 - Form 3
- SNA's page on the SEC website