Higher profits despite currency rates

Article Excerpt

SNAP-ON INC. $156 (New York symbol SNA; Income Portfolio, Manufacturing & Industry sector; Shares outstanding: 55.4 million; Market cap: $8.6 billion; Price-to-sales ratio: 2.6; Dividend yield: 2.5%; TSINetwork Rating: Average; www.snapon.com) makes tools for auto mechanics and sells them through a fleet of franchised vans that visit garages. It also makes specialized tools for industrial customers. In the three months ended June 29, 2019, Snap-On’s revenue fell 0.3%, to $951.3 million from $954.6 million a year earlier. Unfavourable currency rates cut sales in the latest quarter by $19.5 million. That offset higher sales from its existing operations and a $1.1 million contribution from acquisitions. Earnings per share, excluding one-time items, rose 3.5%, to $3.22 from $3.11. Without exchange rates, Snap-On earned $3.31 a share in the latest quarter. Snap-On is still a hold. hold…

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