Snap-On (SNA) Tops Q3 EPS by 14c

Snap-On (NYSE: SNA) reported Q3 EPS of $1.76, $0.14 better than the analyst estimate of $1.62. Revenue for the quarter came in at $806.3 million versus the consensus estimate of $799.12 million.

“We were encouraged by our third quarter results that demonstrate ongoing progress along Snap-on’s runways for both coherent growth and improvement, as solid organic sales gains across all operating segments were accompanied by a 23.1% increase in earnings per share,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “In the third quarter, Snap-on was honored to again receive product awards from both MOTOR Magazine and Professional Tool & Equipment News. We believe this recognition reflects Snap-on’s capabilities in translating our deep understanding of professionals’ work into winning innovations. Finally, our results and progress reflect a tremendous dedication and effort all across Snap-on. In that regard, I thank our franchisees and associates worldwide for their commitment and their contributions.”

Outlook

Snap-on expects to make continued progress along its defined runways for coherent growth, including enhancing the franchise network, expanding in the vehicle repair garage, extending to critical industries and building in emerging markets. In pursuit of these initiatives, Snap-on anticipates that capital expenditures in 2014 will be in a range of $75 million to $80 million, of which $63.3 million has been incurred through the end of the third quarter. Snap-on continues to expect that its full year 2014 effective income tax rate will be comparable to its 2013 rate.

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

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