Snap-On Inc

Latest Results (17.12.2024):

Revenue Overview

In the third quarter of 2024, Snap-On Inc reported net sales of $1,147.0 million, which marked a decrease of $12.3 million, or 1.1%, compared to the same period in 2023. This decline was primarily due to a $19.2 million, or 1.7%, drop in organic sales and $0.3 million of unfavorable foreign currency translation, partially offset by $7.2 million of acquisition-related sales.

Earnings Performance

Snap-On Inc's operating earnings before financial services for the third quarter of 2024 were $252.4 million, up from $245.2 million in the previous year. The operating margin before financial services improved to 22.0% from 21.2% in the third quarter of 2023, reflecting an increase of 80 basis points.

Financial Services

During the third quarter of 2024, Snap-On Inc's financial services revenue reached $100.4 million, compared to $94.9 million in the same quarter of 2023. The financial services operating earnings also saw an increase, rising to $71.7 million from $69.4 million in the previous year.

Net Earnings

Snap-On Inc reported net earnings of $251.1 million for the third quarter of 2024, translating to $4.70 per diluted share. This represents an increase from the net earnings of $243.1 million, or $4.51 per diluted share, recorded in the third quarter of 2023.

Outlook

Looking ahead, Snap-On Inc remains optimistic about its market resilience and operational capabilities. The company anticipates ongoing progress in 2024, leveraging its strengths in the automotive repair sector and expanding into adjacent markets and geographies. Snap-On projects capital expenditures for the year to be approximately $100 million, with an effective income tax rate expected to range between 22% and 23%.