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%.
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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.
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