Snap-on Inc. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>Snap-on Inc. filed its quarterly report (10-Q) for the period ending March 30, 2024, providing an update on its financial performance.</b>

AI Summary

Snap-on Inc (SNA) filed a Quarterly Report (10-Q) with the SEC on April 18, 2024. Snap-on Inc. reported financial results for the period ending March 30, 2024. The filing is a 10-Q, indicating a quarterly report. The company's fiscal year ends on December 28th. Snap-on Inc. is categorized under CUTLERY, HANDTOOLS & GENERAL HARDWARE (SIC 3420). The filing was submitted on April 18, 2024.

Why It Matters

For investors and stakeholders tracking Snap-on Inc, this filing contains several important signals. This 10-Q filing provides investors with the latest financial data for Snap-on Inc., crucial for assessing the company's performance and making informed investment decisions. As a manufacturer of hand tools and hardware, Snap-on Inc.'s quarterly performance can indicate trends in the industrial and automotive sectors it serves.

Risk Assessment

Risk Level: low — Snap-on Inc shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments, indicating a low level of immediate risk.

Analyst Insight

Monitor future filings for detailed segment performance and any changes in financial health metrics.

Key Numbers

• 2024-03-30 — Report Period End Date (The end date of the reporting period)
• 2024-04-18 — Filing Date (The date the report was filed with the SEC)
• 3420 — Standard Industrial Classification (Industry code for Snap-on Inc.)
• 12/28 — Fiscal Year End (The end date of the company's fiscal year)

Key Players & Entities

• Snap-on Inc. (company) — Filer and subject of the report
• 2024-03-30 (date) — Period end date for the report
• 2024-04-18 (date) — Filing date of the report
• 390622040 (company) — IRS number for Snap-on Inc.
• DE (jurisdiction) — State of incorporation for Snap-on Inc.
• 2626565200 (phone) — Business phone number for Snap-on Inc.

FAQ

Industry Context

Snap-on Inc. operates in the hand tools and general hardware industry, serving professional markets.

Regulatory Implications

The filing is a standard SEC Form 10-Q, adhering to regulations for quarterly financial reporting by public companies.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze segment performance data once available in the detailed filing.
3. Compare current quarter results to historical performance and industry benchmarks.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, following the 2023 annual report (10-K).

Key Financial Figures

• $1.00 — ange on which registered Common Stock, $1.00 par value SNA New York Stock Exchange

Filing Documents

• sna-20240330.htm (10-Q) — 1866KB
• q1fy24_ex311.htm (EX-31.1) — 8KB
• q1fy24_ex312.htm (EX-31.2) — 8KB
• q1fy24_ex321.htm (EX-32.1) — 5KB
• q1fy24_ex322.htm (EX-32.2) — 5KB
• 0000091440-24-000029.txt (&nbsp;) — 11117KB
• sna-20240330.xsd (EX-101.SCH) — 72KB
• sna-20240330_cal.xml (EX-101.CAL) — 95KB
• sna-20240330_def.xml (EX-101.DEF) — 469KB
• sna-20240330_lab.xml (EX-101.LAB) — 811KB
• sna-20240330_pre.xml (EX-101.PRE) — 678KB
• sna-20240330_htm.xml (XML) — 1982KB

: Financial Information

Part I: Financial Information Item 1.

Financial Statements

Financial Statements Condensed Consolidated Statements of Earnings (unaudited) – Three Months Ended March 30, 2024, and April 1, 2023 3 Condensed Consolidated Statements of Comprehensive Income (unaudited) – Three Months Ended March 30, 2024, and April 1, 2023 4 Condensed Consolidated Balance Sheets (unaudited) – March 30, 2024, and December 30, 2023 5 Condensed Consolidated Statements of Equity (unaudited) – Three Months Ended March 30, 2024, and April 1, 2023 7 Condensed Consolidated Statements of Cash Flows (unaudited) – Three Months Ended March 30, 2024, and April 1, 2023 8 Notes to Condensed Consolidated Financial Statements (unaudited) 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 47 Item 4.

Controls and Procedures

Controls and Procedures 47

: Other Information

Part II: Other Information Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48 Item 5. Other Information 49 Item 6. Exhibits 50

Signatures

Signatures 51 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

: Financial Statements

Item 1: Financial Statements SNAP-ON INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Amounts in millions, except per share data) (Unaudited) Three Months Ended March 30, 2024 April 1, 2023 Net sales $ 1,182.3 $ 1,183.0 Cost of goods sold ( 585.6 ) ( 593.4 ) Gross profit 596.7 589.6 Operating expenses ( 325.8 ) ( 329.8 ) Operating earnings before financial services 270.9 259.8 Financial services revenue 99.6 92.6 Financial services expenses ( 31.3 ) ( 26.3 ) Operating earnings from financial services 68.3 66.3 Operating earnings 339.2 326.1 Interest expense ( 12.5 ) ( 12.4 ) Other income (expense) – net 18.1 15.2 Earnings before income taxes 344.8 328.9 Income tax expense ( 75.2 ) ( 74.6 ) Net earnings 269.6 254.3 Net earnings attributable to noncontrolling interests ( 6.1 ) ( 5.6 ) Net earnings attributable to Snap-on Incorporated $ 263.5 $ 248.7 Net earnings per share attributable to Snap-on Incorporated: Basic $ 4.99 $ 4.69 Diluted 4.91 4.60 Weighted-average shares outstanding: Basic 52.8 53.0 Effect of dilutive securities 0.9 1.1 Diluted 53.7 54.1 Dividends declared per common share $ 1.86 $ 1.62 See Notes to Condensed Consolidated Financial Statements. 3 Table of Contents SNAP-ON INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Amounts in millions) (Unaudited) Three Months Ended March 30, 2024 April 1, 2023 Comprehensive income (loss): Net earnings $ 269.6 $ 254.3 Other comprehensive income (loss): Foreign currency translation ( 44.8 ) 18.1 Reclassification of cash flow hedges to net earnings, net of tax ( 0.4 ) ( 0.4 ) Defined benefit pension and postretirement plans: Amortization of net unrecognized losses 1.8 — Income tax benefit ( 0.4 ) — Net of tax 1.4 — Total comprehensive income 225.8 272.0 Comprehensive income attributable to noncontrolling interests ( 6.1 ) ( 5.6 ) Comprehensive income attributable to Snap-on Incorporated $ 219.7 $ 266.4 See Notes

View Full Filing

View this 10-Q filing on SEC EDGAR