Snap-on reported a year-over-year sales decline in 1Q, with mixed performance across its business units and pressure from foreign currency impacts.
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Full year net sales dipped slightly, driven by a decrease in organic sales and partially offset by acquisition-related sales.
Wisconsin-based tool manufacturer Snap-on posted 1Q24 sales of $1.18 million, a modest organic sales decline.
Full-year 2023 total sales were $4.73 billion, up 5.3% from 2022.
Net sales for 2023's third quarter were nearly $1.16 billion, an increase of $56.8 million, or 5.2%, from 2022 levels.
Operating margin improved year-over-year across all three key business units, while the pace of organic sales declined.
Snap-on's 7.8% sales increase in 3Q was up from 4Q 2022’s year-over-year increase of 4.3%.
A new report states a majority of economists now think a would-be recession is coming later than expected. It suggests a softer economic landing as distributors continue to report strong financials.
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MDM looks at another round of earnings reports from industrial suppliers.
The companies reported strong third-quarter figures, with Watsco and Pool Corp breaking sales records and Snap-On topping $1.1 billion.
The manufacturer reported second-quarter 2022 sales of $1.136 billion, an increase of $55.2 million over the same period last year.
The Wisconsin-based manufacturer reported more than $1 billion in sales and a diluted EPS of $4.00 for the first three months of 2022.
Net earnings in 3Q 2021 were $196.2 million, or $3.57 per diluted share, compared to third-quarter 2020 net earnings of $179.7 million.
The addition of AutoCrib further expands Snap-on’s offering of tool control and productivity solutions for critical industries.
Commercial and industrial group segment sales increased 1.5% from 2018 levels.
The company will be part of the Snap-Ons Repair Systems & Information Group.
Sales for the first six months decreased 0.9% year-over-year.
Company's profit increases 9.1% to $177.9 million for quarter.
Power Hawk will be part of the companys Commercial & Industrial Group.
