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Mar 30, 2024
Snap-on Q1 2024 Earnings Report
Snap-on's first quarter results were announced, showing diluted EPS of $4.91, including a $0.16 benefit from a legal payment, and sales consistent with the previous year.
Key Takeaways
Snap-on Incorporated reported net sales of $1,182.3 million, a slight decrease of 0.1% from the previous year. Diluted EPS was $4.91, which included a $0.16 benefit from a legal payment, compared to $4.60 in Q1 2023. The operating margin before financial services was 22.9%, compared to 22.0% in the prior year.
Net sales decreased slightly by 0.1% to $1,182.3 million.
Diluted EPS reached $4.91, including a $0.16 per share benefit from a legal payment.
Operating margin before financial services improved to 22.9% from 22.0% in the prior year.
Financial services revenue increased to $99.6 million from $92.6 million in the previous year.
Revenue by Segment
Forward Guidance
Snap-on anticipates ongoing advancement by leveraging existing capabilities and expanding its professional customer base in automotive repair and adjacent markets. Capital expenditures for 2024 are projected to be between $100 million and $110 million. The full-year 2024 effective income tax rate is expected to be in the range of 22% to 23%.
Positive Outlook
- Markets and operations possess continuing resilience.
- Ongoing progress along defined runways for coherent growth.
- Leveraging capabilities demonstrated in the automotive repair arena.
- Developing and expanding professional customer base.
- Extending in critical industries.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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