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Snap-On Sales Slump as Tool Demand Drops Among US Technicians
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2024-08-21
Snap-On missed Wall Street estimates for second-quarter sales as higher tool prices and steeper borrowing costs dampened demand among US vehicle service and repair technicians.
Snap-On, known for its high-quality tools, faced a chilly reception from the market as US technicians tightened their belts. Tool prices have climbed, and elevated borrowing costs are prompting many to defer purchasing new tools. This has caused a significant slump in sales for Snap-On's core tools segment, which saw an 8% drop to US$482 million in the second quarter ending June 29. Despite robust international sales, Snap-On’s overall net sales dipped by 1% to US$1.18 billion, falling short of the US$1.2 billion forecast by analysts.
While Snap-On struggled domestically, the company’s Commercial and Industrial Group unit saw a 2% sales increase to US$372 million thanks to demand from sectors like military and aerospace. This divergence underscores the complex dynamics at play: while consumer-facing segments are pinching pennies, industrial and commercial sectors might still offer growth opportunities amid economic uncertainties.
Snap-On
工具需求
美國
銷售
汽車
軍事
航太
tool demand
USA
sales
automotive
military
aerospace
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