Snap-On reports Q2 EPS $4.72, consensus $4.66

Reports Q2 revenue $1.18B, consensus $1.16B. “We’re encouraged by our second quarter results, from the return of sales growth in the U.S. Tools Group to the resilient gross margins and solid operating earnings performance of the overall enterprise, all achieved against the persistent headwinds of general uncertainty and trade turbulence,” said Nick Pinchuk, Snap-on (SNA) chairman and chief executive officer. “During the period, we maintained our actions to overcome the continued variation in confidence among vehicle repair technicians, driving the product-development, manufacturing and marketing programs that enabled our pivot to quick payback items, gaining significant traction in matching current customer preferences and reestablishing positive momentum in the quarter. Beyond that, we advanced with OEM dealerships and independent shop owners and managers, particularly with our powerful diagnostics platforms, and secured gains in the critical precision-torque arena, where technological progress is increasing the need for sophisticated solutions across essential repair markets. Despite the volatile nature of the ongoing environment, we believe our deeply-rooted strategy to make in the markets where we sell, our structural strengths in broadly-established facilities, know-how and people, and our strong commitment to our Snap-on Value Creation processes, position us well in navigating the multi-varied challenges of today and tomorrow. As such, we proceed with confidence that our balanced approach of growth and improvement will prevail as we move forward and upward. Finally, I want to thank our franchisees and associates worldwide for their many contributions, for their unwavering dedication, and for their steadfast belief in our ability to take full advantage of the abundant opportunities ahead.”