Snap-On beats profit estimates on strong demand for industrial tools
Oct 19 - Snap-On reported a better-than-expected quarterly profit on Thursday on strong demand for its professional tools from industrial customers and repair shops.
Snap-on, which caters to aerospace, oil and gas and automotive industries, has benefited from rising industrial production. It has also raised prices and curbed discounts to tackle inflationary pressures.
"We're encouraged by our third quarter as it reflects ongoing advancement in sales, profitability, and earnings in a continually changing environment," the company said in a statement.
Snap-on reported quarterly revenue of $1.15 billion, up 5.2% from a year earlier, compared to analysts' expectations of $1.13 billion in the quarter ended September 30.
Third-quarter profit was $4.51 per share, beating analysts' expectations of $4.44 per share, as per LSEG data. (Reporting by Aishwarya Jain; Editing by Tasim Zahid)
