Snap-On reports Q1 EPS $4.51, consensus $4.82

Reports Q1 revenue $1.14B, consensus $1.2B. “Snap-on’s (SNA) first quarter was marked by the heightened macroeconomic uncertainty of the day that led to mixed results across our operations,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “As such, the grassroots economy, particularly the technician customers of the Tools Group, accelerated their reluctance to purchase financed products. At the same time, we are encouraged by the performance of our businesses serving repair shop owners and managers, by our extension in critical industries outside the military, and by the effectiveness of our Snap-on Value Creation Processes that authored record first quarter operating margins for both our Commercial & Industrial Group and Repair Systems & Information Group, and combined to drive higher overall gross margin. These are times of expanding turbulence. We are, however, confident, holding great belief in the criticality of our markets across essential repair, the considerable capabilities of our battle-tested team, and the power of our continuing investments in product, brand, and people. As we move forward, we believe strongly in our long-established strategy to largely produce in the countries and regions where we sell and in our broad manufacturing capacity in the U.S., fortified by extensive facilities, enabled by deep process know how, and fueled by experienced associates…all structural advantages that position us well to navigate today’s world. As always, I want to extend my thanks to our franchisees and associates worldwide for their significant contributions every day, for their deep dedication in times of difficulty, and for their unshakable confidence in our future.”