Snap-On misses quarterly sales estimates on weak demand for power tools

Prices at the Pumps - April 17, 2024 #saltwire #energymarkets #pricesatthepumps #gasprices - Snap-On missed Wall Street estimates for first-quarter sales on Thursday, as vehicle service and repair technicians bought fewer tools and equipment made by the company, offsetting steady demand for its products from auto dealerships.

Sales at the company's"Commercial & Industrial" division, which caters to critical industries such as transportation, military, aerospace and power generation, fell to $359.9 million in the quarter from $363.8 million last year due to weak demand for power tools. Snap-On expects capital expenditures in 2024 to be $100 million to $110 million as it ramps up spending to tap into new customers, markets and geographic areas.

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