Snap-On beats quarterly profit estimates on resilient automotive repair demand

Reuters

Feb 05

Snap-On beats quarterly profit estimates on resilient automotive repair demand

Feb 5 (Reuters) - Industrial toolmaker Snap-On SNA.N on Thursday reported fourth-quarter profit above Wall Street estimates on strong demand for its automotive parts and repair services.

The Kenosha, Wisconsin-based company also projected 2026 capital expenditures of about $100 million to expand its capabilities in automotive repair and adjacent markets to a new customer base across additional geographies.

Higher vehicle prices have prompted consumers to extend the life span of their old vehicles by investing in maintenance and repair, providing robust business for the company's Repair Systems & Information Group segment.

The segment's net sales rose to $467.8 million from $456.6 million a year earlier, benefiting from increased sales of diagnostic and repair information products to independent repair shop owners and OEM dealerships.

Snap-On's profit rose to $4.94 per share in the fourth quarter from $4.82 a year ago.

Analysts on average had expected a profit of $4.92 per share, according to data compiled by LSEG.

Its net sales rose 2.8% to $1.23 billion, in line with estimates.

(Reporting by Parth Chandna; Editing by Maju Samuel)

((Parth.Chandna@thomsonreuters.com;))

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