Snap-On tumbles on Q3 miss as diesel costs squeeze franchisees
BUZZ-Snap-On tumbles on Q3 miss as diesel costs squeeze franchisees **Industrial toolmaker Snap-On SNA.N shares fall more than 10% to $330.99 premarket after Q3 results
**Q3 EPS of $4.64 misses est of $4.93, vs $5.02 a year earlier, as per LSEG data
** Q3 sales of $1.18 bln, down 0.6% y/y, misses est of $1.25 bln; organic sales fell 2.8%
** CEO Nick Pinchuk says the rise in diesel prices led franchisees to cut inventories despite stable demand from technician customers
** Snap-on Tools Group organic sales fall 7.0% to $471.5 million
** Commercial & Industrial Group organic sales rise 7.4% to $404.3 million; segment operating margin improves to 18.5% from 15.6%; co calls it a record-setting performance
** Repair Systems & Information Group organic sales fall 5.5% on lower activity with OEM dealerships
** As of last close, stock has risen 7% YTD
(Reporting by Miraanta Lowrance in Bengaluru)
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