Industrials
Tools & Accessories
$17.64B
13.2K
Key insights and themes extracted from this filing
Net sales decreased by 1.0% from $1,191.3 million to $1,179.4 million for the three months ended June 29, 2024. This was attributed to a $13.5 million organic decline and $5.7 million of unfavorable foreign currency translation, partially offset by $7.3 million of acquisition-related sales.
Gross margin decreased from 50.7% to 50.6% for the three months ended June 29, 2024, primarily due to lower sales volumes, partially offset by benefits from Rapid Continuous Improvement (RCI) initiatives.
Net earnings attributable to Snap-on increased by 2.7% from $264.0 million to $271.2 million for the three months ended June 29, 2024. This increase was driven by higher operating earnings and lower corporate expenses.