Tools and equipment manufacturer Snap-On (SNA) on Thursday reported 25% increase in third-quarter net income to $2.85 per share, despite net sales edging down 0.6% to $898.1 million. The earnings were helped by lower operating expenses during the quarter.
Excluding special items, the company earned $2.88 per share, higher than $2.85 per share expected by analysts.
Revenue for the quarter, which was impacted by headwinds from forex translations, was still higher than $928.69 million projected by analysts.
“While we experienced sales turbulence in our Repair Systems & Information Group this quarter, we believe the vehicle repair markets in which we operate remain robust and afford ongoing opportunity,” Nick Pinchuk said.
Sales in the Snap-On Tools group slipped 1% during the quarter to $389.8 million, while that at the Commercial & Industrial Group increased 5% to $330.2 million. Meanwhile, Repair Systems & Information Group reported a sale decline of 5.7%.
Textron crashes after missing Q3 estimates and narrowing guidance
The Kenosha, Wisconsin-based company expects capital expenditures for the full year to be in the range of $90 million to $100 million. Meanwhile, effective tax rate for this period is expected between 24% and 25%.
SNA shares have declined 4% so far this year. The stock closed 2.3% in red on Wednesday.
Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips.
Most Popular
Infographic: Key metrics from Estee Lauder’s (EL) Q3 2024 earnings results
The Estee Lauder Companies Inc. (NYSE: EL) reported its third quarter 2024 earnings results today. Net sales were $3.94 billion, up 5% from the prior-year quarter. Organic sales increased 6%.
YUM Earnings: Key quarterly highlights from Yum! Brands’ Q1 2024 financial results
Yum! Brands, Inc. (NYSE: YUM) reported first quarter 2024 earnings results today. Total revenues decreased 3% year-over-year to $1.59 billion. Same-store sales declined 3%. Net income increased 5% to $314
Pfizer (PFE) Q1 2024 Earnings: Key financials and quarterly highlights
Pfizer Inc. (NYSE: PFE) reported first quarter 2024 earnings results today. Revenues decreased 20% year-over-year to $14.8 billion. Reported net income declined 44% to $3.1 billion, or $0.55 per share,