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Snap-on Reports Q2 Results Above Analyst Expectations

  • Snap-on Inc (NYSE: SNA) reported second-quarter FY22 sales growth of 5.1% year-over-year to $1.14 billion, an increase of 8.4% on an organic basis, beating the consensus of $1.10 billion.

  • EPS improved to $4.27 compared to $3.76 in 2Q21, beating the consensus of $3.94.

  • The gross margin contracted by 152 bps to 48.7%. The operating income before financial services increased by 13.6% Y/Y to $246.6 million, and the margin expanded by 162 bps to 21.7%.

  • Financial services revenue was $86.4 million compared to $86.9 million in 2Q21, and operating earnings were $65.3 million compared to $68.9 million.

  • Sales by segments: Commercial & Industrial $359.1 million (+2.5% Y/Y); Snap-on Tools $520.6 million (+7.5% Y/Y); and Repair Systems & Information $416.8 million (+4.6% Y/Y).

  • Snap-on generated cash from operating activities year-to-date of $334.7 million, compared to $557.5 million a year ago. It held cash and cash equivalents of $812.9 million as of July 2, 2022.

  • SNA expects to make continued progress in 2022 along its defined runways for coherent growth.

  • FY22 Outlook: Snap-on anticipates capital expenditures in 2022 of ~$90 million - $100 million, and it sees an effective income tax rate of 23% - 24%.

  • Price Action: SNA shares are trading higher by 0.96% at $209.82 on the last check Thursday.

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