Snap-on Tools Sales Fall 7% as Diesel Prices Prompt Inventory Cuts
Photo: TokenPost
Snap-on shares were down $12.45 at $356.46 at 4:10 p.m. ET (20:10 UTC) Oct. 22, after the company posted lower third-quarter sales and earnings. Rising diesel prices led mobile-van franchisees to reduce inventories, weighing on Tools Group sales. CEO Nick Pinchuk described demand from technician customers as “very stable.” Tools Group sales fell to $471.5 million from $506 million a year earlier, with organic sales down 7%. Sales declined in both the United States and international operations. Companywide net sales slipped 0.6% to $1.1837 billion for the quarter ended Oct. 3.
Source: TokenPost
