Thu, Jul 18, 3:24 PM (51 days ago)
Snap-on Inc.'s Q2 2024 financial report highlights a slight decrease in net sales to $1,179.4 million, down 1.0% from Q2 2023, primarily due to a 1.1% organic sales decline and unfavorable foreign currency impacts, partially offset by acquisition-related sales. Gross profit slightly decreased to $597.3 million, with gross margin remaining stable. Operating expenses declined to $317.0 million, benefiting from legal payments, improving operating earnings before financial services to $280.3 million. Financial services revenue increased by 7.6% to $100.5 million, with operating earnings from financial services rising to $70.2 million. Overall operating earnings grew to $350.5 million, leading to a net earnings increase of 2.7% to $271.2 million, or $5.07 per diluted share. The company maintains a strong liquidity position with $1,232.7 million in cash and cash equivalents and expects to continue leveraging its financial flexibility for growth and shareholder returns.