Snap-On Q2: Earnings Beat, 5% Topline Growth & More
Portfolio Pulse from Shivani Kumaresan
Snap-On Inc reported Q2 FY23 sales growth of 4.8% YoY to $1.191 billion, slightly beating the analyst consensus. The revenue increase was due to a 5.6% organic sales gain, partially offset by unfavorable foreign currency translation. Segment sales in Commercial & Industrial Group, Snap-on Tools Group, and Repair Systems & Information Group increased. Gross profit for the quarter gained 9% to $603.7 million, and the gross margin expanded to 50.6%. EPS of $4.89 beat the analyst consensus of $4.56. Snap held $871.3 million in cash and equivalents as of July 1, 2023.
July 20, 2023 | 12:06 pm
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POSITIVE IMPACT
Snap-On Inc reported better than expected Q2 FY23 results with sales growth of 4.8% YoY and EPS beating analyst consensus. This could potentially have a positive impact on the company's stock.
Snap-On Inc's Q2 FY23 results exceeded analyst expectations, with sales growth of 4.8% YoY and EPS beating the consensus. This positive financial performance could potentially boost investor confidence and have a positive impact on the company's stock in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100