Snap-On shares sink after quarterly sales miss estimates

Snap-On

18/04/2024 19:09

** Shares in tool maker Snap-On Inc  SNA.N  down ~7% at $263.02
after it reported quarterly sales that fell short of Wall
Street's expectations, pushing the stock to lowest point since
mid-Feb and on track for biggest one-day pct drop since Feb 8
    ** SNA, a maker of tools used for vehicle repairs, reported
Q1 rev of $1.182 bln vs Street consensus of $1.199 bln while its
adj EPS of $4.75 was ahead of mean Street expectation for $4.65,
according to data from LSEG
    ** As it looks to expand its professional customer base in 
adjacent markets, geographies, it forecast 2024 capital
expenditures in range of $100 million to $110 million, with
$21.8 million already incurred in Q1
    ** YTD shares in SNA down 9% vs gain of ~6% for S&P 500
industrials index  .SPLRCI 

 (Reporting By Sinéad Carew)
 ((sinead.carew@thomsonreuters.com; +13322191897;))