Snap-on Incorporated (NYSE: SNA), a leading manufacturer of tools and equipment, reported an increase in earnings and lower revenue for the third quarter of 2024.
- Net sales decreased to $1.15 billion in the third quarter from $1.16 billion in the same period last year, reflecting lower organic sales and unfavorable foreign currency translation
- Third quarter financial services revenue increased to $100.4 million from $94.9 million last year
- Q3 net income rose to $251.1 million or $4.70 per share from $243.1 million or $4.51 per share in the prior-year period
- Operating earnings before financial services for the quarter was $252.4 million, compared to $245.2 million in Q3 2023
- For the remainder of 2024, Snap-on expects to make ongoing progress along its path for coherent growth
- It projects capital expenditures of approximately $100 million for fiscal 2024, of which $65.4 million was incurred in the first nine months of the year