Sector: Industrials|Industry: Tools & Accessories|Market Cap: $17.64B|Employees: 13.2K
Snap-on is a global innovator, manufacturer, and marketer of tools, equipment, diagnostics, repair information, and systems solutions for professional users. They operate through a network of franchisee vans, direct sales, and distributors, primarily serving vehicle repair, aerospace, military, natural resources, and manufacturing sectors. Snap-on's market position is supported by its strong brand recognition, mobile tool distribution model, and focus on providing high-quality, custom solutions.
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.