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Jun 29, 2024
Snap-on Q2 2024 Earnings Report
Snap-on's Q2 2024 performance reflected resilience amidst general uncertainty, with diluted EPS of $5.07, including a $0.16 benefit from a legal payment, and sales of $1,179.4 million.
Key Takeaways
Snap-on Incorporated reported a decrease in net sales to $1,179.4 million, a 1.0% decline from Q2 2023. Diluted EPS was $5.07, including a $0.16 benefit from legal payments, compared to $4.89 in the prior year. The company highlighted challenges but also positive contributions from its focus on critical industries, repair shop owners, and support for franchisees.
Net sales decreased by 1.0% to $1,179.4 million due to organic sales decline and unfavorable foreign currency translation, partially offset by acquisition-related sales.
Operating earnings before financial services increased to $280.3 million, with an operating margin of 23.8%.
Financial services revenue increased to $100.5 million, with operating earnings of $70.2 million.
Net earnings increased to $271.2 million, or $5.07 per diluted share, including a $0.16 per share benefit from legal payments.
Revenue by Segment
Forward Guidance
Snap-on anticipates ongoing progress in 2024, leveraging its demonstrated capabilities and expanding its professional customer base in automotive repair and adjacent markets.
Positive Outlook
- Continuing and considerable resilience against the uncertainties of the current environment.
- Ongoing progress along defined runways for coherent growth.
- Leveraging capabilities already demonstrated in the automotive repair arena.
- Developing and expanding its 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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