KENOSHA, Wis. – Snap-on Incorporated (NYSE:) reported third-quarter earnings that beat analyst expectations, though revenue fell slightly short of estimates. The tool and equipment maker’s shares edged down 0.7% following the results.
Snap-on posted adjusted earnings per share of $4.70 for the quarter, surpassing the analyst consensus of $4.59. However, revenue of $1.15 billion missed estimates of $1.16 billion and declined 1.1% YoY from $1.16 billion.
The company’s operating margin before financial services improved to 22.0% from 21.2% in the year-ago quarter, reflecting an 80 basis point increase.
“We’re encouraged by our third quarter 2024 results as our businesses remained strong, yielding a balanced outcome and delivering profitability gains in these challenging times,” said Nick Pinchuk, Snap-on’s chairman and CEO.
Snap-on’s Commercial & Industrial Group saw sales dip slightly to $365.7 million from $366.4 million last year. The Snap-on Tools Group posted sales of $500.5 million, down from $515.4 million, while the Repair Systems & Information Group’s sales fell to $422.7 million from $431.8 million.
Financial services revenue rose to $100.4 million from $94.9 million in the prior-year period.
For the full year 2024, Snap-on anticipates its effective income tax rate will be in the range of 22% to 23%.
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