LONDON, UK / ACCESSWIRE / October 26, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Snap-on Inc. (NYSE: SNA), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=SNA, following the Company's posting of its financial results on October 19, 2017, for the third quarter of the fiscal year 2017 (Q3 FY17). The Kenosha, Wisconsin-based Company's quarterly net sales rose 8.4% y-o-y, beating market consensus estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Earnings Reviewed

During the quarter ended September 30, 2017, Snap-on's net sales grew to $903.8 million from the $834.1 million recorded at the end of Q3 FY16. The net sales numbers topped the market consensus estimates of $890 million. Furthermore, organic net sales were up by 2.3% y-o-y in Q3 FY17.

The manufacturer and marketer of high-end tools and equipment posted net earnings of $133.4 million, or $2.29 per diluted share, in Q3 FY17 compared to $131.7 million, or $2.22 per diluted share, in Q3 FY16. The Company's net income adjusted to exclude legal charges increased to $142.7 million, or $2.45 per diluted share, in Q3 FY17 from $131.7 million, or $2.22 per diluted share, in the previous year's same quarter. Wall Street had expected the Company to report an adjusted net income of $2.43 per diluted share.

Operational Metrics

For the reported quarter, the Company's gross profit was $448.6 million, or 49.6% of net sales, versus $419.1 million, or 50.2% of net sales, in Q3 FY16. Meanwhile, operating earnings, adjusted to exclude legal charges, came in at $224.1 million, or 22.8% of net sales, in Q3 FY17 compared to $208.2 million, or 23.0% of net sales, in Q3 FY16. Snap-on posted adjusted operating earnings before financial services of $168.1 million, or 18.6% of net sales, in Q3 FY17 compared to $157.6 million, or 18.9% of net sales, in the year-ago corresponding quarter.

Segment Performance

In Q3 FY17, Snap-on's Commercial and Industrial Group segment's sales increased 8.7% to $314.6 million from $289.3 million in Q3 FY16. The segment's operating earnings came in at $50.1 million, or 15.9% of segment sales, for Q3 FY17 from $43.7 million, or 15.1% of segment sales, in the year-ago comparable quarter.

Snap-on's Tools Group segment's sales decreased marginally to $392.7 million in the reported quarter from $397.2 million in Q3 FY16; reflected by $6.5 million, or 1.6%, of organic sales decline, partially offset by $2.0 million of favorable foreign currency translation. The segment's operating earnings also declined to $56.3 million, or 14.3% of segment sales, in Q3 FY17 from $64.6 million, or 16.3% of segment sales, in Q3 FY16.

The Company's Repair Systems & Information Group segment's revenues came in at $333.5 million for Q3 FY17; rising 16.6% from $286.1 million in Q3 FY16, as organic sales grew 8.2%, along with a growth in sales due to the acquisition and favorable foreign currency translation. Furthermore, the segment's operating earnings stood at $83.4 million, or 25.0% of segment sales, for Q3 FY17 versus $71.8 million, or 25.1% of segment sales, in the previous year's same quarter.

The Company's Financial Services segment's revenues was $79.0 million for the reported quarter; rising 10.3% from $71.6 million in the year-ago comparable quarter. Meanwhile, the segment's operating income was $56.0 million, or 70.9% of segment revenues, for Q3 FY17 compared to $50.6 million, or 70.7% of segment revenues, in the last year's corresponding quarter.

Cash Flow and Balance Sheet

During the nine months ended September 30, 2017, Snap-on's net cash provided by operating activities were $415.0 million, up from $415.6 million in FY16. Furthermore, Snap-on had $94.1 million in cash and cash equivalents as on September 30, 2017, compared to $77.6 million at the close of books on December 31, 2016. Furthermore, long-term debt was $755.0 million on September 30, 2017, compared to $708.8 million on December 31, 2016.

Stock Performance

On Wednesday, October 25, 2017, the stock closed the trading session at $159.92, falling 1.48% from its previous closing price of $162.32. A total volume of 788.14 thousand shares have exchanged hands, which was higher than the 3-month average volume of 694.64 thousand shares. Snap-on's stock price advanced 6.88% in the last one month, 3.25% in the past three months, and 2.02% in the previous twelve months. The stock is trading at a PE ratio of 16.43 and has a dividend yield of 1.78%. The stock currently has a market cap of $8.98 billion.

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