Snap-on Announces First Quarter 2020 Results
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Snap-On (SNA) Misses Q1 EPS by 10c, Revenues Miss
April 21, 2020 6:31 AM EDTSnap-On (NYSE: SNA) reported Q1 EPS of $2.60, $0.10 worse than the analyst estimate of $2.70. Revenue for the quarter came in at $852.2 million versus the consensus estimate of $877.69 million.
Net sales of $852.2 million in the first quarter of 2020 compared to $921.7 million in 2019, reflecting a $62.7 million, or 6.9%, organic sales decline and $10.3 million of unfavorable foreign currency translation, partially offset by $3.5 million of acquisition-related sales. The lower sales volume primarily reflects the impact of economic uncertainty associated with the COVID-19 pandemic.Operating earnings before financial services for the quarter of $138.9 million, or 16.3% of sales, including $7.5 million of... More