Latest news with #Snap-onIncorporated
Yahoo
15-05-2025
- Business
- Yahoo
Snap-on Incorporated (SNA): Among Benjamin Graham Stocks for Defensive Investors
We recently published a list of . In this article, we are going to take a look at where Snap-on Incorporated (NYSE:SNA) stands against other Benjamin Graham stocks for defensive investors. Markets in early 2025 are a bit like a moody spring—75 degrees one day, stormy the next. After a strong run in 2023 and 2024, the S&P 500 dropped over 5% year-to-date as investors digested a mix of policy uncertainties, uncertainty around interest rate cuts, and pockets of corporate underperformance. Many stocks are being re-priced as investors grow more selective, and earnings outlooks weaken. At the same time, the bond market is quietly signaling a shift. Treasury yields are still elevated, but there's a growing sense that the Fed may be near the end of its hiking cycle. That has made Treasury and investment-grade bonds more attractive, especially compared to volatile equities. The market is in transition. Investors are moving from chasing momentum to seeking quality. Caution, realism, and discipline are back in style, and so are value stocks. Preparing for a potential recession is less about panic and more about applying timeless principles—many of which were championed by Benjamin Graham, the father of value investing. Graham taught that the key to long-term investment success lies in discipline, patience, and a deep understanding of value. In uncertain economic times, those lessons are more relevant than ever. Graham said in his book 'The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). In the short run, the market is a voting machine but in the long run, it is a weighing machine.' Rather than trying to time the market, investors should focus on building a portfolio grounded in quality and resilience. Graham favored companies with strong fundamentals, conservative balance sheets, and consistent earnings power—attributes that tend to shine when the economy slows. Dividend-paying stocks with a history of reliability also fit neatly into Graham's framework, offering both income and a margin of safety. Graham said in The Intelligent Investor: 'The essence of investment management is the management of risks, not the management of returns.' Diversification, another core tenet of Graham's philosophy, helps investors avoid overexposure to any one sector or asset class. Holding a variety of investments—equities, bonds, and even cash—can smooth returns and provide flexibility. Graham often emphasized the importance of keeping a cash reserve, not just for protection, but as a source of opportunity when market prices become irrationally low. Graham said, 'The investor's chief problem—and even his worst enemy—is likely to be himself.' Emotional discipline, especially during turbulent markets, is essential. By remaining rational, reassessing risk exposure, and maintaining a long-term mindset, investors can navigate recessionary periods with the confidence that volatility, like all market conditions, is temporary—and often presents some of the best chances to buy quality assets at a discount. We used the Classic Benjamin Graham Stock Screener by Graham Value to compile a list of the 10 Benjamin Graham stocks for defensive investors. We considered the top 20 stocks on our screen and picked the ones with the highest number of hedge fund investors, as of Q4 2024. The stocks are sorted in ascending order of hedge fund sentiment. At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here). A workshop full of tools and supplies, showcasing the range of products available. Number of Hedge Fund Holders: 32 Snap-on Incorporated (NYSE:SNA) is a global leader in manufacturing and marketing tools, diagnostics, and repair solutions for professionals in industries like automotive, aerospace, military, and manufacturing. It pioneered mobile tool distribution and now operates in over 130 countries, with the US as its largest market. Snap-on's 'coherent growth' strategy targets core and adjacent markets, while its 'Value Creation Processes' and Rapid Continuous Improvement (RCI) initiatives drive safety, innovation, customer connection, and operational efficiency across its global business. Snap-on Incorporated (NYSE:SNA) reported a 6.8% organic sales decline in Q1 2025, driven largely by weakness in tool storage. The RS&I segment grew organically by approximately 4%, with strong software-driven performance and improved profitability. Tool originations dropped 11.7%. However, gross margin rose 20 basis points to 50.7%, showing pricing discipline. Despite weaker tool storage demand and regional kickoff challenges, Snap-on maintained healthy margins without aggressive discounting and expanded capacity to reduce backlogs, positioning itself well for future demand. The company's pivot to lower-priced and entry-level big-ticket items like tool carts and diagnostics like Solus showed some success, but broader market turbulence limited gains. Military procurement delays affected critical industries. Baird lowered Snap-On's price target from $349 to $320, maintaining a Neutral rating. The revision followed results that showed positive trends but highlighted short-term uncertainties. Despite strong long-term prospects, visibility challenges and market conditions prompted the cautious outlook. However, Snap-on's broad business model generates strong and consistent cash flow, enabling the company to maintain stability across economic cycles while also delivering returns to shareholders. The company's dividend yield exceeds the industry average and contributes meaningfully to investor value. Overall, SNA ranks 9th on our list of Benjamin Graham stocks for defensive investors. While we acknowledge the growth potential of SNA, our conviction lies in the belief that AI stocks hold great promise for delivering high returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than SNA but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: and . Disclosure: None. This article is originally published at . Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-05-2025
- Business
- Yahoo
Snap-on Incorporated (SNA): Among Benjamin Graham Stocks for Defensive Investors
We recently published a list of . In this article, we are going to take a look at where Snap-on Incorporated (NYSE:SNA) stands against other Benjamin Graham stocks for defensive investors. Markets in early 2025 are a bit like a moody spring—75 degrees one day, stormy the next. After a strong run in 2023 and 2024, the S&P 500 dropped over 5% year-to-date as investors digested a mix of policy uncertainties, uncertainty around interest rate cuts, and pockets of corporate underperformance. Many stocks are being re-priced as investors grow more selective, and earnings outlooks weaken. At the same time, the bond market is quietly signaling a shift. Treasury yields are still elevated, but there's a growing sense that the Fed may be near the end of its hiking cycle. That has made Treasury and investment-grade bonds more attractive, especially compared to volatile equities. The market is in transition. Investors are moving from chasing momentum to seeking quality. Caution, realism, and discipline are back in style, and so are value stocks. Preparing for a potential recession is less about panic and more about applying timeless principles—many of which were championed by Benjamin Graham, the father of value investing. Graham taught that the key to long-term investment success lies in discipline, patience, and a deep understanding of value. In uncertain economic times, those lessons are more relevant than ever. Graham said in his book 'The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). In the short run, the market is a voting machine but in the long run, it is a weighing machine.' Rather than trying to time the market, investors should focus on building a portfolio grounded in quality and resilience. Graham favored companies with strong fundamentals, conservative balance sheets, and consistent earnings power—attributes that tend to shine when the economy slows. Dividend-paying stocks with a history of reliability also fit neatly into Graham's framework, offering both income and a margin of safety. Graham said in The Intelligent Investor: 'The essence of investment management is the management of risks, not the management of returns.' Diversification, another core tenet of Graham's philosophy, helps investors avoid overexposure to any one sector or asset class. Holding a variety of investments—equities, bonds, and even cash—can smooth returns and provide flexibility. Graham often emphasized the importance of keeping a cash reserve, not just for protection, but as a source of opportunity when market prices become irrationally low. Graham said, 'The investor's chief problem—and even his worst enemy—is likely to be himself.' Emotional discipline, especially during turbulent markets, is essential. By remaining rational, reassessing risk exposure, and maintaining a long-term mindset, investors can navigate recessionary periods with the confidence that volatility, like all market conditions, is temporary—and often presents some of the best chances to buy quality assets at a discount. We used the Classic Benjamin Graham Stock Screener by Graham Value to compile a list of the 10 Benjamin Graham stocks for defensive investors. We considered the top 20 stocks on our screen and picked the ones with the highest number of hedge fund investors, as of Q4 2024. The stocks are sorted in ascending order of hedge fund sentiment. At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here). A workshop full of tools and supplies, showcasing the range of products available. Number of Hedge Fund Holders: 32 Snap-on Incorporated (NYSE:SNA) is a global leader in manufacturing and marketing tools, diagnostics, and repair solutions for professionals in industries like automotive, aerospace, military, and manufacturing. It pioneered mobile tool distribution and now operates in over 130 countries, with the US as its largest market. Snap-on's 'coherent growth' strategy targets core and adjacent markets, while its 'Value Creation Processes' and Rapid Continuous Improvement (RCI) initiatives drive safety, innovation, customer connection, and operational efficiency across its global business. Snap-on Incorporated (NYSE:SNA) reported a 6.8% organic sales decline in Q1 2025, driven largely by weakness in tool storage. The RS&I segment grew organically by approximately 4%, with strong software-driven performance and improved profitability. Tool originations dropped 11.7%. However, gross margin rose 20 basis points to 50.7%, showing pricing discipline. Despite weaker tool storage demand and regional kickoff challenges, Snap-on maintained healthy margins without aggressive discounting and expanded capacity to reduce backlogs, positioning itself well for future demand. The company's pivot to lower-priced and entry-level big-ticket items like tool carts and diagnostics like Solus showed some success, but broader market turbulence limited gains. Military procurement delays affected critical industries. Baird lowered Snap-On's price target from $349 to $320, maintaining a Neutral rating. The revision followed results that showed positive trends but highlighted short-term uncertainties. Despite strong long-term prospects, visibility challenges and market conditions prompted the cautious outlook. However, Snap-on's broad business model generates strong and consistent cash flow, enabling the company to maintain stability across economic cycles while also delivering returns to shareholders. The company's dividend yield exceeds the industry average and contributes meaningfully to investor value. Overall, SNA ranks 9th on our list of Benjamin Graham stocks for defensive investors. While we acknowledge the growth potential of SNA, our conviction lies in the belief that AI stocks hold great promise for delivering high returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than SNA but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: and . Disclosure: None. This article is originally published at .
Business Wire
30-04-2025
- Business
- Business Wire
Snap-on to Present at Oppenheimer and Bank of America Investor Conferences
KENOSHA, Wis.--(BUSINESS WIRE)--Snap-on Incorporated (NYSE: SNA) is scheduled to present at two upcoming investor conferences: The Oppenheimer Industrial Growth Conference The Bank of America Industrials, Transportation and Airlines Key Leaders Conference 2025 on Tuesday, May 13, 2025, at 2:10 p.m. Eastern. Links to the live audio webcasts of both presentations are available on the Investor Events page of the Snap-on website at Following each webcast, an archived replay will be available in the same location for approximately 90 days. About Snap-on Snap-on Incorporated is a leading global innovator, manufacturer, and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks including those working in vehicle repair, aerospace, the military, natural resources, and manufacturing. From its founding in 1920, Snap-on has been recognized as the mark of the serious and the outward sign of the pride and dignity working men and women take in their professions. Products and services are sold through the company's network of widely recognized franchisee vans, as well as through direct and distributor channels, under a variety of notable brands. The company also provides financing programs to facilitate the sales of its products and to support its franchise business. Snap-on, an S&P 500 company, generated sales of $4.7 billion in 2024, and is headquartered in Kenosha, Wisconsin.
Yahoo
23-04-2025
- Business
- Yahoo
Is Snap-on Incorporated (SNA) The Top Falling Stock with Unusual Volume?
We recently published a list of . In this article, we are going to take a look at where Snap-on Incorporated (NYSE:SNA) stands against other top falling stocks with unusual volume. Uncertainty around tariffs and macroeconomic conditions has dented investor confidence, resulting in stock prices falling. While some stocks have come under pressure due to the above two reasons, others have simply followed the market direction or have dipped for company-specific reasons. Regardless of the reasons for stocks going down, falling stocks provide an opportunity for fresh investors to get in at good prices. Once the risks subside, these stocks usually recover quickly as well. We decided to uncover these stocks and see if it makes sense to put money in them to take advantage of the ongoing market turmoil. To come up with our list of top 20 stocks falling with unusual volume, we looked at stocks over $300 million in market cap, their one-week performance, and used relative volume to detect the unusual volume activity. Relative volume compares the daily volume to the three-month average trading volume of the stock, making it easy to detect spikes in volume. These spikes usually signal something important is happening, which, when combined with falling prices, becomes a red flag that investors can't ignore. A workshop full of tools and supplies, showcasing the range of products available. Snap-on Incorporated (NYSE:SNA) is a manufacturer and provider of equipment, repair information, systems solutions, diagnostics, and tools for professional users. The company operates in Snap-on Tools Group, Financial Services, Commercial & Industrial Group, and Repair Systems & Information Group segments. The stock is down 5.25% in a week on a relative volume of 4.33. Analysts at Longbow Research upgraded the stock at the end of the last month from Neutral to Buy. The Research firm expressed confidence in Snap-on Incorporated (NYSE:SNA)'s favorable macroeconomic conditions, strong franchise, and growth potential. Key drivers behind this upgrade were automotive trends, strong core business, manufacturing efficiency and high margin growth, and European recovery. As a result of this upgrade, the company's shares surged 2.3%. A few days ago, the firm reported its latest quarter results, delivering a 3.5% decrease in net sales from the previous year. Sales went down by $13.9 million due to unfavorable foreign currency exchange. Organic sales also declined by 2.3%. Gross margin improved slightly, but as a result of the weak earnings, the firm's share price significantly dropped. Driven by increasing household spending on car repairs and an average vehicle age of 12.6 years, management stays optimistic about the vehicle repair market. The company plans to prioritize innovative, quick-payback tools that meet technician needs and can help the company stay relevant in the existing market trends. Overall, SNA ranks 17th on our list of top falling stocks with unusual volume. While we acknowledge the potential of SNA as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than SNA but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: and . Disclosure: None. This article is originally published at . Sign in to access your portfolio
Yahoo
18-04-2025
- Business
- Yahoo
Snap-on Announces First Quarter 2025 Results
Sales of $1,141.1 million and diluted EPS of $4.51 for the first quarter of 2025; Mixed sales results amidst heightened economic uncertainty; Gross margin of 50.7% improves 20 basis points over last year's level KENOSHA, Wis., April 17, 2025--(BUSINESS WIRE)--Snap-on Incorporated (NYSE: SNA), a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks, today announced operating results for the first quarter of 2025. Net sales of $1,141.1 million in the first quarter of 2025 represented a decrease of $41.2 million, or 3.5%, from 2024 levels, reflecting a $27.3 million, or 2.3%, organic decline and $13.9 million of unfavorable foreign currency translation. Operating earnings before financial services for the quarter of $243.1 million, or 21.3% of net sales, compared to $270.9 million, or 22.9% of net sales, last year, which included a benefit of $11.3 million, or 90 basis points, for payments received associated with a legal matter (the "legal payments"). Financial services revenue in the quarter of $102.1 million compared to $99.6 million in 2024; financial services operating earnings of $70.3 million compared to $68.3 million last year. Consolidated operating earnings for the quarter of $313.4 million, or 25.2% of revenues (net sales plus financial services revenue), compared to $339.2 million, or 26.5% of revenues, in 2024, which included a benefit of $11.3 million, or 90 basis points, for the legal payments. The first quarter effective income tax rate was 22.2% in both 2025 and 2024. Net earnings in the quarter of $240.5 million, or $4.51 per diluted share, compared to net earnings of $263.5 million, or $4.91 per diluted share, a year ago. In 2024, net earnings included an $8.8 million, or $0.16 per diluted share, after-tax benefit from the legal payments. See "Non-GAAP Measures" below for a definition of, and further explanation about, organic sales. "Snap-on's first quarter was marked by the heightened macroeconomic uncertainty of the day that led to mixed results across our operations," said Nick Pinchuk, Snap-on chairman and chief executive officer. "As such, the grassroots economy, particularly the technician customers of the Tools Group, accelerated their reluctance to purchase financed products. At the same time, we are encouraged by the performance of our businesses serving repair shop owners and managers, by our extension in critical industries outside the military, and by the effectiveness of our Snap-on Value Creation Processes that authored record first quarter operating margins for both our Commercial & Industrial Group and Repair Systems & Information Group, and combined to drive higher overall gross margin. These are times of expanding turbulence. We are, however, confident, holding great belief in the criticality of our markets across essential repair, the considerable capabilities of our battle-tested team, and the power of our continuing investments in product, brand, and people. As we move forward, we believe strongly in our long-established strategy to largely produce in the countries and regions where we sell and in our broad manufacturing capacity in the U.S., fortified by extensive facilities, enabled by deep process know how, and fueled by experienced associates…all structural advantages that position us well to navigate today's world. As always, I want to extend my thanks to our franchisees and associates worldwide for their significant contributions every day, for their deep dedication in times of difficulty, and for their unshakable confidence in our future." Segment Results Commercial & Industrial Group segment sales of $343.9 million in the quarter compared to $359.9 million last year, reflecting a $10.4 million, or 2.9%, organic decline and $5.6 million of unfavorable foreign currency translation. The organic decrease includes a reduction in activity with customers in critical industries, where lower sales to the military more than offset gains in other critical industry sectors, and a decline in the European-based hand tools business. Operating earnings of $53.2 million in the period compared to $55.4 million in 2024. The operating margin (operating earnings as a percentage of segment sales) of 15.5% compared to 15.4% last year. Snap-on Tools Group segment sales of $462.9 million in the quarter compared to $500.1 million last year, reflecting a $33.6 million, or 6.8%, organic sales decrease and $3.6 million of unfavorable foreign currency translation. The organic decline is due to lower activity in the U.S., partially offset by higher sales in the segment's international operations. Operating earnings of $92.4 million in the period compared to $117.3 million in 2024. The operating margin of 20.0% compared to 23.5% a year ago. Repair Systems & Information Group segment sales of $475.9 million in the quarter compared to $463.8 million last year, reflecting a $17.0 million, or 3.7%, organic sales increase, partially offset by $4.9 million of unfavorable foreign currency translation. The organic gain includes higher activity with OEM dealerships and increased sales of diagnostic and repair information products to independent repair shop owners and managers, partially offset by lower volumes of undercar equipment. Operating earnings of $122.1 million in the period compared to $112.9 million in 2024. The operating margin improved 140 basis points to 25.7% from 24.3% last year. Financial Services operating earnings of $70.3 million on revenue of $102.1 million in the quarter compared to operating earnings of $68.3 million on revenue of $99.6 million a year ago. Originations of $268.7 million in the first quarter represented a decrease of $33.0 million, or 10.9%, from 2024 levels. Corporate expenses in the first quarter of $24.6 million compared to $14.7 million last year, which included a benefit from the legal payments. Outlook We believe that our markets and our operations possess and have demonstrated continuing and considerable resilience against the uncertainties of the current environment. In 2025, Snap-on expects to make ongoing progress along its decisive runways for coherent growth, leveraging capabilities already proven in the automotive repair arena, developing and expanding its professional customer base, not only in automotive repair, but in adjacent markets, additional geographies and other areas, including extending in critical industries, where the cost and penalties for failure can be high. In pursuit of these initiatives, we project that capital expenditures in 2025 will approximate $100 million, of which $22.9 million was incurred in the first three months of the year. Snap-on currently anticipates that its full-year 2025 effective income tax rate will be in the range of 22% to 23%. Conference Call and Webcast on April 17, 2025, at 9:00 a.m. Central Time A discussion of this release will be webcast on Thursday, April 17, 2025, at 9:00 a.m. Central Time, and a replay will be available for at least 10 days following the call. To access the webcast, visit and click on the link to the call. The slide presentation accompanying the call can be accessed under the Downloads tab in the webcast viewer, as well as on the Snap-on website at Non-GAAP Measures References in this release to "organic sales" refer to sales from continuing operations calculated in accordance with generally accepted accounting principles in the United States ("GAAP"), adjusted to exclude acquisition-related sales and the impact of foreign currency translation. Management evaluates the company's sales performance based on organic sales growth, which primarily reflects growth from the company's existing businesses as a result of increased output, expanded customer base, geographic expansion, new product development and pricing changes, and excludes sales contributions from acquired operations the company did not own as of the comparable prior-year reporting period. Organic sales also exclude the effects of foreign currency translation as foreign currency translation is subject to volatility that can obscure underlying business trends. Management believes that the non-GAAP financial measure of organic sales is meaningful to investors as it provides them with useful information to aid in identifying underlying growth trends in the company's businesses and facilitates comparisons of its sales performance with prior periods. About Snap-on Snap-on Incorporated is a leading global innovator, manufacturer, and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks including those working in vehicle repair, aerospace, the military, natural resources, and manufacturing. From its founding in 1920, Snap-on has been recognized as the mark of the serious and the outward sign of the pride and dignity working men and women take in their professions. Products and services are sold through the company's network of widely recognized franchisee vans, as well as through direct and distributor channels, under a variety of notable brands. The company also provides financing programs to facilitate the sales of its products and to support its franchise business. Snap-on, an S&P 500 company, generated sales of $4.7 billion in 2024, and is headquartered in Kenosha, Wisconsin. Forward-looking Statements Statements in this news release that are not historical facts, including statements that (i) are in the future tense; (ii) include the words "expects," "anticipates," "intends," "approximates," or similar words that reference Snap-on or its management; (iii) are specifically identified as forward-looking; or (iv) describe Snap-on's or management's future outlook, plans, estimates, objectives or goals, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Snap-on cautions the reader that this news release may contain statements, including earnings projections, that are forward-looking in nature and were developed by management in good faith and, accordingly, are subject to risks and uncertainties regarding Snap-on's expected results that could cause (and in some cases have caused) actual results to differ materially from those described or contemplated in any forward-looking statement. Factors that may cause the company's actual results to differ materially from those contained in the forward-looking statements include those found in the company's reports filed with the Securities and Exchange Commission, including the information under the "Safe Harbor" and "Risk Factors" headings in its Annual Report on Form 10-K for the fiscal year ended December 28, 2024, which are incorporated herein by reference. Snap-on disclaims any responsibility to update any forward-looking statement provided in this news release, except as required by law. SNAP-ON INCORPORATED Condensed Consolidated Statements of Earnings (Amounts in millions, except per share data) (Unaudited) Three Months Ended March 29, March 30, 2025 2024 Net sales $ 1,141.1 $ 1,182.3 Cost of goods sold (562.6 ) (585.6 ) Gross profit 578.5 596.7 Operating expenses (335.4 ) (325.8 ) Operating earnings before financial services 243.1 270.9 Financial services revenue 102.1 99.6 Financial services expenses (31.8 ) (31.3 ) Operating earnings from financial services 70.3 68.3 Operating earnings 313.4 339.2 Interest expense (12.4 ) (12.5 ) Other income (expense) – net 14.4 18.1 Earnings before income taxes 315.4 344.8 Income tax expense (68.7 ) (75.2 ) Net earnings 246.7 269.6 Net earnings attributable to noncontrolling interests (6.2 ) (6.1 ) Net earnings attributable to Snap-on Incorporated $ 240.5 $ 263.5 Net earnings per share attributable to Snap-on Incorporated: Basic $ 4.59 $ 4.99 Diluted 4.51 4.91 Weighted-average shares outstanding: Basic 52.4 52.8 Effect of dilutive securities 0.9 0.9 Diluted 53.3 53.7 SNAP-ON INCORPORATED Supplemental Segment Information (Amounts in millions) (Unaudited) Three Months Ended March 29, March 30, 2025 2024 Net sales: Commercial & Industrial Group $ 343.9 $ 359.9 Snap-on Tools Group 462.9 500.1 Repair Systems & Information Group 475.9 463.8 Segment net sales 1,282.7 1,323.8 Intersegment eliminations (141.6 ) (141.5 ) Total net sales 1,141.1 1,182.3 Financial Services revenue 102.1 99.6 Total revenues $ 1,243.2 $ 1,281.9 Operating earnings: Commercial & Industrial Group $ 53.2 $ 55.4 Snap-on Tools Group 92.4 117.3 Repair Systems & Information Group 122.1 112.9 Financial Services 70.3 68.3 Segment operating earnings 338.0 353.9 Corporate (24.6 ) (14.7 ) Operating earnings 313.4 339.2 Interest expense (12.4 ) (12.5 ) Other income (expense) – net 14.4 18.1 Earnings before income taxes $ 315.4 $ 344.8 SNAP-ON INCORPORATED Condensed Consolidated Balance Sheets (Amounts in millions) (Unaudited) March 29, December 28, 2025 2024 Assets Cash and cash equivalents $ 1,434.9 $ 1,360.5 Trade and other accounts receivable – net 852.7 815.6 Finance receivables – net 620.4 610.3 Contract receivables – net 116.4 120.0 Inventories – net 961.2 943.4 Prepaid expenses and other current assets 155.8 139.6 Total current assets 4,141.4 3,989.4 Property and equipment – net 547.7 542.6 Operating lease right-of-use assets 91.7 89.4 Deferred income tax assets 78.3 78.0 Long-term finance receivables – net 1,296.3 1,312.0 Long-term contract receivables – net 420.1 418.3 Goodwill 1,077.7 1,056.8 Other intangible assets – net 271.4 267.6 Pension assets 127.2 125.4 Other long-term assets 17.2 17.3 Total assets $ 8,069.0 $ 7,896.8 Liabilities and Equity Notes payable $ 18.2 $ 13.7 Accounts payable 281.3 265.9 Accrued benefits 72.9 67.2 Accrued compensation 63.8 86.1 Franchisee deposits 71.1 70.9 Other accrued liabilities 492.6 457.7 Total current liabilities 999.9 961.5 Long-term debt 1,185.7 1,185.5 Deferred income tax liabilities 79.5 73.5 Retiree health care benefits 18.9 19.4 Pension liabilities 77.7 78.4 Operating lease liabilities 70.0 68.6 Other long-term liabilities 93.2 92.9 Total liabilities 2,524.9 2,479.8 Equity Shareholders' equity attributable to Snap-on Incorporated Common stock 67.5 67.5 Additional paid-in capital 543.5 557.7 Retained earnings 7,712.4 7,584.3 Accumulated other comprehensive loss (499.5 ) (575.0 ) Treasury stock at cost (2,303.1 ) (2,240.4 ) Total shareholders' equity attributable to Snap-on Incorporated 5,520.8 5,394.1 Noncontrolling interests 23.3 22.9 Total equity 5,544.1 5,417.0 Total liabilities and equity $ 8,069.0 $ 7,896.8 SNAP-ON INCORPORATED Condensed Consolidated Statements of Cash Flows (Amounts in millions) (Unaudited) Three Months Ended March 29, March 30, 2025 2024 Operating activities: Net earnings $ 246.7 $ 269.6 Adjustments to reconcile net earnings to net cash provided (used) by operating activities: Depreciation 18.3 18.2 Amortization of other intangible assets 5.7 6.3 Provision for losses on finance receivables 18.2 18.2 Provision for losses on non-finance receivables 5.8 4.9 Stock-based compensation expense 4.5 9.8 Deferred income tax provision 3.7 1.6 Gain on sales of assets — (0.2 ) Changes in operating assets and liabilities, net of effects of acquisitions: Trade and other accounts receivable (33.4 ) (47.9 ) Contract receivables 2.9 (4.0 ) Inventories (3.0 ) 22.1 Prepaid expenses and other assets (9.4 ) (3.5 ) Accounts payable 18.5 23.3 Accrued and other liabilities 20.0 30.3 Net cash provided by operating activities 298.5 348.7 Investing activities: Additions to finance receivables (218.9 ) (248.0 ) Collections of finance receivables 210.7 207.8 Capital expenditures (22.9 ) (21.8 ) Disposals of property and equipment 0.1 1.1 Other (1.0 ) (2.3 ) Net cash used by investing activities (32.0 ) (63.2 ) Financing activities: Net increase (decrease) in other short-term borrowings 4.5 (0.4 ) Cash dividends paid (112.2 ) (98.2 ) Purchases of treasury stock (87.2 ) (70.2 ) Proceeds from stock purchase plans and stock option exercises 18.3 28.3 Other (17.0 ) (23.7 ) Net cash used by financing activities (193.6 ) (164.2 ) Effect of exchange rate changes on cash and cash equivalents 1.5 (1.8 ) Increase in cash and cash equivalents 74.4 119.5 Cash and cash equivalents at beginning of year 1,360.5 1,001.5 Cash and cash equivalents at end of period $ 1,434.9 $ 1,121.0 Supplemental cash flow disclosures: Cash paid for interest $ (13.6 ) $ (13.7 ) Net cash paid for income taxes (19.8 ) (14.7 ) Non-GAAP Supplemental Data The following non-GAAP supplemental data is presented for informational purposes to provide readers with insight into the information used by management for assessing the operating performance of Snap-on Incorporated's ("Snap-on") non-financial services ("Operations") and Financial Services businesses. The supplemental Operations data reflects the results of operations and financial position of Snap-on's tools, diagnostics, equipment products, software, and other non-financial services operations with Financial Services presented on the equity method. The supplemental Financial Services data reflects the results of operations and financial position of Snap-on's U.S. and international financial services operations. The financing needs of Financial Services are met through intersegment borrowings and cash generated from Operations; Financial Services is charged interest expense on intersegment borrowings at market rates. Income taxes are charged to Financial Services on the basis of the specific tax attributes generated by the U.S. and international financial services businesses. Transactions between the Operations and Financial Services businesses are eliminated to arrive at the Condensed Consolidated Financial Statements. SNAP-ON INCORPORATED Non-GAAP Supplemental Consolidating Data - Supplemental Condensed Statements of Earnings (Amounts in millions) (Unaudited) Operations* Financial Services Three Months Ended Three Months Ended March 29, March 30, March 29, March 30, 2025 2024 2025 2024 Net sales $ 1,141.1 $ 1,182.3 $ — $ — Cost of goods sold (562.6 ) (585.6 ) — — Gross profit 578.5 596.7 — — Operating expenses (335.4 ) (325.8 ) — — Operating earnings before financial services 243.1 270.9 — — Financial services revenue — — 102.1 99.6 Financial services expenses — — (31.8 ) (31.3 ) Operating earnings from financial services — — 70.3 68.3 Operating earnings 243.1 270.9 70.3 68.3 Interest expense (12.4 ) (12.5 ) — — Intersegment interest income (expense) – net 17.0 16.7 (17.0 ) (16.7 ) Other income (expense) – net 14.4 18.0 — 0.1 Earnings before income taxes and equity earnings 262.1 293.1 53.3 51.7 Income tax expense (55.4 ) (62.3 ) (13.3 ) (12.9 ) Earnings before equity earnings 206.7 230.8 40.0 38.8 Financial services – net earnings attributable to Snap-on 40.0 38.8 — — Net earnings 246.7 269.6 40.0 38.8 Net earnings attributable to noncontrolling interests (6.2 ) (6.1 ) — — Net earnings attributable to Snap-on $ 240.5 $ 263.5 $ 40.0 $ 38.8 * Snap-on with Financial Services presented on the equity method. SNAP-ON INCORPORATED Non-GAAP Supplemental Consolidating Data - Supplemental Condensed Balance Sheets (Amounts in millions) (Unaudited) Operations* Financial Services March 29, December 28, March 29, December 28, 2025 2024 2025 2024 Assets Cash and cash equivalents $ 1,434.7 $ 1,360.4 $ 0.2 $ 0.1 Intersegment receivables 16.4 15.1 — — Trade and other accounts receivable – net 851.4 815.0 1.3 0.6 Finance receivables – net — — 620.4 610.3 Contract receivables – net 4.9 4.8 111.5 115.2 Inventories – net 961.2 943.4 — — Prepaid expenses and other current assets 158.9 143.8 10.6 9.4 Total current assets 3,427.5 3,282.5 744.0 735.6 Property and equipment – net 545.4 540.2 2.3 2.4 Operating lease right-of-use assets 86.2 83.8 5.5 5.6 Investment in Financial Services 400.4 403.5 — — Deferred income tax assets 51.9 51.8 26.4 26.2 Intersegment long-term notes receivable 816.3 831.8 — — Long-term finance receivables – net — — 1,296.3 1,312.0 Long-term contract receivables – net 8.5 8.4 411.6 409.9 Goodwill 1,077.7 1,056.8 — — Other intangible assets – net 271.4 267.6 — — Pension assets 127.2 125.4 — — Other long-term assets 35.5 35.6 0.2 0.2 Total assets $ 6,848.0 $ 6,687.4 $ 2,486.3 $ 2,491.9 Liabilities and Equity Notes payable $ 18.2 $ 13.7 $ — $ — Accounts payable 279.8 265.4 1.5 0.5 Intersegment payables — — 16.4 15.1 Accrued benefits 72.8 67.2 0.1 — Accrued compensation 61.9 83.5 1.9 2.6 Franchisee deposits 71.1 70.9 — — Other accrued liabilities 467.8 443.6 38.5 27.7 Total current liabilities 971.6 944.3 58.4 45.9 Long-term debt and intersegment long-term debt — — 2,002.0 2,017.3 Deferred income tax liabilities 79.5 73.5 — — Retiree health care benefits 18.9 19.4 — — Pension liabilities 77.7 78.4 — — Operating lease liabilities 64.4 63.0 5.6 5.6 Other long-term liabilities 91.8 91.8 19.9 19.6 Total liabilities 1,303.9 1,270.4 2,085.9 2,088.4 Total shareholders' equity attributable to Snap-on 5,520.8 5,394.1 400.4 403.5 Noncontrolling interests 23.3 22.9 — — Total equity 5,544.1 5,417.0 400.4 403.5 Total liabilities and equity $ 6,848.0 $ 6,687.4 $ 2,486.3 $ 2,491.9 * Snap-on with Financial Services presented on the equity method. View source version on Contacts For additional information, please visit or contact: Investors:Sara Verbsky262/656-4869 Media:Samuel Bottum262/656-5793 Sign in to access your portfolio
