2023-07-20 07:43:22 ET
Snap-On’s ( NYSE: SNA ) stock fell 1.5% to $290 a share in premarket trading Thursday after the company reported sales that matched the average estimate among Wall Street analysts.
Snap-On’s sales rose 4.8% from a year earlier to $1.19 billion in Q2, or by 5.6% adjusting for foreign currency movements. Sales were in line with the consensus estimate.
Net earnings increased 14% to $264 million, or $4.89 a share, from $231.5 million, or $4.27 a share, a year earlier. Earnings beat the consensus estimate of $4.59 a share.
The company’s repair systems and information group had the biggest gain in sales, which rose 8.4% from a year earlier to $1.34 billion in Q2.
“While activity may vary from period to period, we believe we are well positioned in our automotive repair operations, by enhancing the van channel and expanding with repair shop owners and managers,” Nick Pinchuk, Snap-on chairman and CEO, said in a statement, “and in our activities outside the garage, by consistently extending our businesses serving critical industries.”
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Snap-On’s stock slips after tool supplier reports Q2 results