Snap-on Inc. Files 10-Q for Q2 2024
Ticker: SNA · Form: 10-Q · Filed: Jul 18, 2024 · CIK: 91440
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
Snap-on's Q2 2024 10-Q is in, check financials.
AI Summary
Snap-on Inc. reported its second quarter results for the period ending June 29, 2024. The company's filing indicates financial performance for the period, with specific details on revenue categories and financial services. The filing also includes historical data and references to accounting standards for assets and liabilities.
Why It Matters
This filing provides investors and analysts with the latest financial performance data for Snap-on Inc., crucial for understanding the company's current operational health and future prospects.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial information.
Key Numbers
- 2024 Q2 — Reporting Period (Indicates the quarter for which financial results are reported.)
- 12/28 — Fiscal Year End (Specifies the end date of the company's fiscal year.)
Key Players & Entities
- Snap-on Inc. (company) — Filer of the 10-Q
- 20240629 (date) — End of the reporting period
- 20240718 (date) — Filing date
- 2626565200 (dollar_amount) — Business phone number
FAQ
What is the total revenue for Snap-on Inc. for the second quarter of 2024?
The provided text does not explicitly state the total revenue figure for the second quarter of 2024, but it references 'sna:revenueCategory' and 'sna:ProductAndServicesExcludingFinancialSer'.
What is the company's primary industry classification?
Snap-on Inc. is classified under 'CUTLERY, HANDTOOLS & GENERAL HARDWARE [3420]'.
When was the current 10-Q filing submitted to the SEC?
The filing was submitted on 20240718.
What is the company's principal business address?
The business address is 2801 80TH STREET, KENOSHA, WI 53143.
What are some of the accounting standards referenced in the filing regarding liabilities?
The filing references accounting standards for 'OtherAccruedLiabilitiesCurrent' and 'OtherLiabilitiesNoncurrent'.
Filing Stats: 4,846 words · 19 min read · ~16 pages · Grade level 6.3 · Accepted 2024-07-18 11:23:06
Key Financial Figures
- $1.00 — ange on which registered Common Stock, $1.00 par value SNA New York Stock Exchange
Filing Documents
- sna-20240629.htm (10-Q) — 2544KB
- q2fy24_ex311.htm (EX-31.1) — 8KB
- q2fy24_ex312.htm (EX-31.2) — 8KB
- q2fy24_ex321.htm (EX-32.1) — 5KB
- q2fy24_ex322.htm (EX-32.2) — 5KB
- 0000091440-24-000051.txt ( ) — 13067KB
- sna-20240629.xsd (EX-101.SCH) — 70KB
- sna-20240629_cal.xml (EX-101.CAL) — 99KB
- sna-20240629_def.xml (EX-101.DEF) — 464KB
- sna-20240629_lab.xml (EX-101.LAB) — 824KB
- sna-20240629_pre.xml (EX-101.PRE) — 685KB
- sna-20240629_htm.xml (XML) — 2638KB
: Financial Information
Part I: Financial Information Item 1.
Financial Statements
Financial Statements Condensed Consolidated Statements of Earnings (unaudited) – Three and Six Months Ended June 29 , 2024, and July 1, 2023 3 Condensed Consolidated Statements of Comprehensive Income (unaudited) – Three and Six Months Ended June 29, 2024, and July 1, 2023 4 Condensed Consolidated Balance Sheets (unaudited) – June 29 , 2024, and December 30, 2023 5 Condensed Consolidated Statements of Equity (unaudited) – Three and Six Months Ended June 29 , 2024, and July 1, 2023 7 Condensed Consolidated Statements of Cash Flows (unaudited) – Six Months Ended June 29 , 2024, and July 1, 2023 9 Notes to Condensed Consolidated Financial Statements (unaudited) 10 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 39 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 56 Item 4.
Controls and Procedures
Controls and Procedures 56
: Other Information
Part II: Other Information Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 57 Item 5. Other Information 58 Item 6. Exhibits 59
Signatures
Signatures 60 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 Six Months Ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Net sales $ 1,179.4 $ 1,191.3 $ 2,361.7 $ 2,374.3 Cost of goods sold ( 582.1 ) ( 587.6 ) ( 1,167.7 ) ( 1,181.0 ) Gross profit 597.3 603.7 1,194.0 1,193.3 Operating expenses ( 317.0 ) ( 326.7 ) ( 642.8 ) ( 656.5 ) Operating earnings before financial services 280.3 277.0 551.2 536.8 Financial services revenue 100.5 93.4 200.1 186.0 Financial services expenses ( 30.3 ) ( 26.5 ) ( 61.6 ) ( 52.8 ) Operating earnings from financial services 70.2 66.9 138.5 133.2 Operating earnings 350.5 343.9 689.7 670.0 Interest expense ( 12.3 ) ( 12.6 ) ( 24.8 ) ( 25.0 ) Other income (expense) – net 18.7 16.8 36.8 32.0 Earnings before income taxes 356.9 348.1 701.7 677.0 Income tax expense ( 79.3 ) ( 78.2 ) ( 154.5 ) ( 152.8 ) Net earnings 277.6 269.9 547.2 524.2 Net earnings attributable to noncontrolling interests ( 6.4 ) ( 5.9 ) ( 12.5 ) ( 11.5 ) Net earnings attributable to Snap-on Incorporated $ 271.2 $ 264.0 $ 534.7 $ 512.7 Net earnings per share attributable to Snap-on Incorporated: Basic $ 5.15 $ 4.98 $ 10.15 $ 9.67 Diluted 5.07 4.89 9.98 9.49 Weighted-average shares outstanding: Basic 52.7 53.0 52.7 53.0 Effect of dilutive securities 0.8 1.0 0.9 1.0 Diluted 53.5 54.0 53.6 54.0 Dividends declared per common share $ 1.86 $ 1.62 $ 3.72 $ 3.24 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 Six Months Ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Comprehensive income (loss): Net earnings $ 277.6 $ 269.9 $ 547.2 $ 524.2 Other comprehensive income (loss): Foreign currency translation ( 12.8 ) 0.2 ( 57.6 ) 18.3 Recla