Earnings Summary: Everything you need to know about Snap-on’s Q1 2024 report

Snap-on Incorporated (NYSE: SNA), a leading provider of equipment and service solutions for professional users, reported an increase in profit for the first quarter of 2024 when its sales remained broadly unchanged.

• Net sales came in at $1.18 billion in Q1, which is almost unchanged from the sales generated in the year-ago quarter
• Q1 operating earnings, before financial services, was $270.9 million, compared to $259.8 million in the prior-year period
• As a percentage of net sales, operating earnings before financial services were 22.9% in Q1, vs. 22.0% last year
• Financial services revenue rose to $99.6 million from $92.6 million; financial services operating profit was $68.3 million
• Consolidated operating earnings for the quarter was $339.2 million, or 26.5% of revenues, higher than the year-ago numbers
• The first-quarter effective income tax rate was 22.2%, compared to 23.1% in the same period last year
• Q1 net earnings increased to $263.5 million, or $4.91 per share, from $248.7 million, or $4.60 per share a year ago