Snap-On (SNA) Tops Q2 EPS by 35c

Snap-On (NYSE: SNA) reported Q2 EPS of $4.89, $0.35 better than the analyst estimate of $4.54. Revenue for the quarter came in at $1.19 billion versus the consensus estimate of $1.19 billion.

GUIDANCE:

We believe that our markets and our operations possess and have demonstrated continuing and considerable resilience against the uncertainties of the current environment. In 2023, Snap-on expects to make ongoing progress along its defined runways for coherent growth, leveraging capabilities already demonstrated in the automotive repair arena and developing and expanding its professional customer base, not only in automotive repair, but in adjacent markets, additional geographies and other areas, including extending in critical industries, where the cost and penalties for failure can be high. In pursuit of these initiatives, we project that capital expenditures in 2023 will approximate $100 million, of which $48.8 million was incurred in the first six months of the year.

Snap-on currently anticipates that its full year 2023 effective income tax rate will be in the range of 23% to 24%.

For earnings history and earnings-related data on Snap-On (SNA) click here.

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