SNAP-ON INCORPORATED Reports Strong Q1 FY2023 Earnings Results
April 27, 2023
Earnings Overview
On April 20, 2023, the end of its fiscal first quarter, SNAP-ON INCORPORATED ($NYSE:SNA) reported total revenue of USD 1183.0 million, up 7.8% from the same period the year prior. Net income was USD 248.7 million, a 14.4% increase from the previous year.
Market Price
On Thursday, SNAP-ON INCORPORATED reported their first quarter earnings results for the fiscal year 2023 and it was met with positive market sentiment. The stock opened at $247.0 and closed at $258.9, a rise of 8.0% from the previous closing price of $239.8. This has been the stock’s biggest one-day increase since being listed on the New York Stock Exchange in November 2022. The strong quarterly results were attributed to the company’s successful strategic initiatives and cost-cutting measures implemented over the past year. Furthermore, their operating expenses saw a considerable decline due to the restructuring of the company and its operations.
SNAP-ON INCORPORATED’s management team expressed optimism regarding their financial performance in the coming quarters. They attributed it to their focus on delivering high-quality products, as well as their commitment to innovation and customer service. They also highlighted the fact that they continue to heavily invest in research and development in order to remain competitive in a rapidly changing marketplace. With that said, investors appear to be confident in SNAP-ON INCORPORATED’s future outlook and the stock is expected to continue its upward trajectory in the near future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Snap-on Incorporated. More…
| Total Revenues | Net Income | Net Margin |
| 4.58k | 943 | 20.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Snap-on Incorporated. More…
| Operations | Investing | Financing |
| 782.9 | -272.5 | -530.8 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Snap-on Incorporated. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 7.13k | 2.49k | 84.55 |
Key Ratios Snapshot
Some of the financial key ratios for Snap-on Incorporated are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 7.7% | 10.9% | 28.2% |
| FCF Margin | ROE | ROA |
| 15.2% | 17.7% | 11.3% |
Analysis
At GoodWhale, we have conducted an in-depth analysis of SNAP-ON INCORPORATED‘s fundamentals and have rated it as a medium risk investment. We identified one risk warning in the balance sheet which could potentially be an indicator of future issues. We believe that investors should consider this rating when making their decision to invest in SNAP-ON INCORPORATED. Furthermore, we advise investors to register with us in order to gain access to our detailed analysis and to check out the specific risk warning which we detected. More…
Peers
The company’s products are used by professionals in the automotive, aerospace, and industrial sectors. Snap-on’s products are also used by hobbyists and do-it-yourselfers. The company has a wide range of products that compete with those of its competitors.
– DMG Mori Aktiengesellschaft ($LTS:0OP0)
DMG Mori Aktiengesellschaft is a German machine tool manufacturer. The company is headquartered in Bielefeld, Germany. DMG Mori Aktiengesellschaft is the parent company of DMG Mori Seiki Co., Ltd., a Japanese machine tool manufacturer. The company is listed on the Frankfurt Stock Exchange and Tokyo Stock Exchange.
DMG Mori Aktiengesellschaft has a market cap of 3.24B as of 2022 and a Return on Equity of 8.55%. The company is a leading manufacturer of machine tools and has a strong presence in both the German and Japanese markets.
– Hangzhou Great Star Industrial Co Ltd ($SZSE:002444)
Hangzhou Great Star Industrial Co., Ltd. is engaged in the manufacture and sale of tools and hardware products. The Company’s products include hand tools, power tools, air tools, garden tools, automobile maintenance tools, and others. It sells its products under the brand names of Greatstar, GPS, and others. The Company operates its business in China and internationally.
– Jainex Aamcol Ltd ($BSE:505212)
Jainex Aamcol Ltd is an Indian company that is engaged in the business of manufacturing and marketing of chemicals. The company has a market capitalization of 184.87 million as of 2022 and a return on equity of 33.37%. The company’s products include dyes, pigments, and other chemicals. The company has a strong presence in the Indian market and is one of the leading manufacturers of chemicals in the country.
Summary
Investors in SNAP-ON INCORPORATED had reason to be happy when the company reported strong financial results for the first quarter of FY2023. Total revenue increased by 7.8% from the same period last year, while net income increased by 14.4%. The stock price responded positively to the news, indicating investors have confidence in the company’s outlook. Going forward, investors should monitor the company’s ability to continue to grow revenue and net income, as well as any changes to the competitive landscape, to assess its potential for continued growth.
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