Snap-On beats profit estimates on strong demand for industrial tools

Snap-On

19/10/2023 13:01

Oct 19 - Snap-On  SNA.N  reported a better-than-expected
quarterly profit on Thursday on strong demand for its
professional tools from industrial customers and repair shops.
    Snap-on, which caters to aerospace, oil and gas and
automotive industries, has benefited from rising industrial
production. It has also raised prices and curbed discounts to
tackle inflationary pressures.
    "We're encouraged by our third quarter as it reflects
ongoing advancement in sales, profitability, and earnings in a
continually changing environment," the company said in a
statement.
    Snap-on reported quarterly revenue of $1.15 billion, up 5.2%
from a year earlier, compared to analysts' expectations of $1.13
billion in the quarter ended September 30.
    Third-quarter profit was $4.51 per share, beating analysts'
expectations of $4.44 per share, as per LSEG data.

 (Reporting by Aishwarya Jain; Editing by Tasim Zahid)
 ((aishwarya.jain@thomsonreuters.com))