Snap-On reports Q1 EPS $4.69, consensus $4.75

Reports Q1 revenue $1.21B, consensus $1.18B. “Our Q1 was encouraging, led by robust sales growth with customers in critical industries and improved activity in the U.S. Tools Group, both demonstrating our considerable momentum despite the ongoing and ever-evolving turbulence,” said CEO Nick Pinchuk. “While meaningful headwinds persist, including broad uncertainty among our technician customer base in the U.S., international supply chain disruptions, and a number of global conflicts, we are confident in the strength, resilience, and criticality of our markets…We believe our results show the diverse opportunities along our runways for growth both within automotive repair and with customers outside the garage. In that regard, we’ve maintained our actions to match the current preference of vehicle technicians for quick payback items and to extend our penetration of critical industries with effective customized solutions. At the same time, we’re leveraging our Snap-on (SNA) Value Creation Processes to proceed through the challenges of today, driving improvements across the organization that we expect will author substantial and sustained gains as we move forward…”