Snap-On Q1 Results Miss Estimates - Quick Facts

(RTTNews) - Snap-On, Inc. (SNA) reported Tuesday first-quarter net earnings of $137.2 million or $2.49 per share, down from $177.9 million or $3.16 per share in the prior-year quarter.

Excluding items, adjusted net earnings $143.2 million or $2.60 per share, compared to $169.2 million or $3.01 per share in the year-ago quarter.

On average, 8 analysts polled by Thomson Reuters expected the company to report earnings of $2.70 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter declined to $852.2 million from $921.7 million the same quarter last year. The Street was looking for revenues of $877.69 million.

The lower sales volume primarily reflects the impact of economic uncertainty associated with the COVID-19 pandemic. Organic sales declined 6.9 percent.

Looking ahead, the company said it anticipates no improvement in the macroeconomic environment and, as a result, expects sales and credit originations in the second quarter to be down year over year.