Snap-on Q3 2024 Earnings Report
Key Takeaways
Snap-on reported a slight decrease in net sales, but demonstrated resilience with profitability gains. Diluted EPS increased to $4.70, and the operating margin before financial services improved to 22.0%.
Net sales were $1,147.0 million, a decrease of 1.1% compared to the previous year.
Diluted EPS increased to $4.70, a 4.2% gain from Q3 2023.
Operating margin before financial services improved to 22.0%, an increase of 80 basis points.
Consolidated operating earnings reached $324.1 million, or 26.0% of revenues.
Snap-on
Snap-on
Snap-on Revenue by Segment
Forward Guidance
Snap-on anticipates ongoing progress leveraging its capabilities in automotive repair and expanding its professional customer base in automotive repair and adjacent markets. Capital expenditures for 2024 are projected to be approximately $100 million, and the full-year effective income tax rate is expected to be in the range of 22% to 23%.
Positive Outlook
- Markets and operations demonstrated continuing resilience.
- Ongoing progress along defined runways for coherent growth.
- Leveraging capabilities 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