Welcome to our dedicated page for Snap-On news (Ticker: SNA), a resource for investors and traders seeking the latest updates and insights on Snap-On stock.
Snap-on Incorporated (symbol: SNA) is a leading global innovator, manufacturer, and marketer of tools, equipment, diagnostics, repair information, and system solutions for professional users performing critical tasks. Founded in 1920 and headquartered in Kenosha, Wisconsin, Snap-on has grown into a $3.4 billion S&P 500 company. This multinational corporation specializes in crafting hand and power tools, tool storage solutions, and diagnostics software. Their offerings also include information and management systems, shop equipment, and other solutions for vehicle dealerships and repair centers. In addition to the automotive sector, Snap-on serves a diverse range of industries, including aviation and aerospace, agriculture, construction, government and military, mining, natural resources, power generation, and technical education.
Snap-on's products are distributed through multiple channels, including a franchisee-operated network of mobile vans, company-direct sales, distributors, and the internet. The franchisee model is unique; franchisees invest in mobile vans, inventories, and software, and extend personal credit to technicians. This approach allows Snap-on to reach auto technicians who purchase tools at their own expense.
The company operates through three primary segments: repair systems and information, commercial and industrial, and tools. Their finance arm provides financial solutions to support franchisees, offering loans and leases for mobile vans and other operational needs.
Over recent years, Snap-on has achieved significant milestones, including advancements in their diagnostics software and the expansion of their product line to meet evolving industry demands. Their commitment to innovation and quality has solidified their reputation as a trusted name in professional tools and equipment.
Financially, Snap-on remains robust, continuing to invest in research and development to maintain their competitive edge. The company's strategic partnerships and continued focus on customer satisfaction drive their sustained growth and industry leadership.
Snap-on Incorporated (NYSE: SNA) has announced that it will release its 2023 second quarter and six-month results before the market opens on Thursday, July 20, 2023. The company will host a conference call to discuss the results at 10:00 a.m. ET on the same day. The call will be webcast live on the Internet, including audio and accompanying slides.
Interested parties can access the webcast by visiting https://www.snapon.com/EN/Investors/Investor-Events and clicking on the webcast link. The quarterly release and presentation slides will be available for download under the Downloads tab in the webcast viewer and on the Snap-on website. An archived replay of the webcast will be accessible on the website for at least one week following the call.
Snap-on reported first-quarter 2023 net sales of $1,183.0 million, showing a 7.8% increase from Q1 2022. Organic sales rose by 10.2%, despite a $24.0 million negative impact from foreign currency translation. Operating earnings before financial services reached $259.8 million, translating to an operating margin of 22.0%, up 170 basis points. Diluted EPS was $4.60, a 15.0% increase year-over-year. Financial services revenue grew to $92.6 million, with a dip in operating earnings to $66.3 million. The company plans approximately $100 million in capital expenditures for 2023. Overall, Snap-on demonstrates resilience and growth potential across its key markets.
Snap-on Incorporated (NYSE: SNA) will host its 2023 Annual Meeting of Shareholders via webcast on April 27, 2023, starting at 10:00 a.m. Central. Interested participants can access the event by visiting the Snap-on Investor Events page. An archived version of the presentation will be available for at least ninety days on the company’s official website.
Established in 1920 and located in Kenosha, Wisconsin, Snap-on is a leading manufacturer and marketer of tools and equipment for various industries including vehicle repair and aerospace. The company reported $4.5 billion in sales for 2022 and is regarded as an S&P 500 entity. More information can be found on the company website.
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