Snap-on Inc. (NYSE:SNA) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Snap-on Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 15.7% to $1.4 in the quarter versus EPS of $1.21 in the year-earlier quarter.
Revenue: Rose 0.88% to $741.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Snap-on Inc. reported adjusted EPS income of $1.4 per share. By that measure, the company beat the mean analyst estimate of $1.34. It missed the average revenue estimate of $753.31 million.
Quoting Management: Were encouraged with our first quarter performance, which included a significant improvement in operating margin and a 15.7% increase in diluted earnings per share, despite continuing headwinds that are impacting specific areas of our business, said Nick Pinchuk, Snap-on chairman and chief executive officer. Were focused on our Snap-on Value Creation Processes and are committed to our decisive strategic initiativesenhancing the van networkexpanding with repair shop owners and managersextending to critical industriesand building in emerging markets. We believe its that effective balance which, once again, has enabled progress along our runways for growth and improvement, and has authored the positive performance evident in the first quarter results. I thank our franchisees and associates for their ongoing contributions. Without their capability, energy and dedication, these results would not have been possible.
Key Stats (on next page)…