Snap-on stock was down on Thursday after releasing its earnings report for the third quarter of 2018.
Snap-on (NYSE:SNA) reported revenue of $898.10 million during the third quarter of the year. This is a drop from the company’s revenue of $908.30 million that was reported in the third quarter of 2017. It was also a blow to Snap-on stock by coming in below Wall Street’s revenue estimate of $928.73 million for the period.
Snap-on saw its sales decline in a couple of areas in the most recent quarter. This includes Snap-on Tools Group sales dropping 0.7% during the quarter. It also saw sales from its Repair Systems & Information Group fall by 5.7% from the same time in the previous year.
Earnings per share reported by Snap-on for the third quarter of 2018 came in at $2.88. This is better than the company’s earnings per share of $2.45 reported in the same period of the year prior. It also beat out analysts’ earnings per share estimate of $2.86 for the quarter, but couldn’t save Snap-on stock today.
Snap-on’s earnings report for the third quarter of the year also includes net income of $167.40 million. The tools and equipment manufacturer reported net income of $137.10 million in the third quarter of the previous year.
During the third quarter of 2018, Snap-on reported operating income of $232.40 million. This is an increase over the company’s operating income of $208.70 million that was reported during the same time last year.
SNA stock was down 7% as of Thursday afternoon and is down 5% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.