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Snap-on Rockets Higher on Earnings Beat

Adam Smith

- a tool and equipment manufacturer - surged Thursday on first-quarter earnings that beat expectations and despite soft sales. The Wisconsin-based company reported that adjusted earnings per share rose to $3.01 - beating expectations and topping year-ago earnings by nearly 8%. "We are encouraged by our first quarter 2019 results, which included a continuing recovery in our U.S. franchise network, with a mid single-digit sales gain in that operation," said Nick Pinchuk, Snap-on's chief executive, in a statement.