Snap-on Q2 2023 Earnings Report
Key Takeaways
Snap-on Incorporated reported a 4.8% increase in net sales, reaching $1,191.3 million, with organic sales up by 5.6%. Diluted EPS improved by 14.5% to $4.89, and the operating margin before financial services expanded by 160 basis points to 23.3%.
Net sales increased by 4.8% to $1,191.3 million, with organic sales growing by 5.6%.
Diluted EPS rose by 14.5% to $4.89 compared to Q2 2022.
Operating margin before financial services expanded by 160 basis points to 23.3%.
Financial Services revenue increased to $93.4 million, with operating earnings of $66.9 million.
Snap-on
Snap-on
Snap-on Revenue by Segment
Forward Guidance
Snap-on anticipates ongoing progress in 2023, leveraging its capabilities in automotive repair and expanding its professional customer base in adjacent markets and geographies, including critical industries. Capital expenditures for 2023 are projected to be approximately $100 million, and the full-year effective income tax rate is expected to be in the range of 23% to 24%.
Positive Outlook
- Continuing resilience against uncertainties in the current environment.
- Ongoing progress along defined runways for coherent growth.
- Leveraging capabilities in the automotive repair arena.
- Developing and expanding its professional customer base.
- Extending in critical industries, where the cost and penalties for failure can be high.
Revenue & Expenses
Visualization of income flow from segment revenue to net income