Snap-On's third-quarter sales fell short of expectations, largely due to inflationary pressures affecting demand in its tools segment. The rise in borrowing costs and increased tool prices, which are significant revenue drivers for the company, led to customers limiting their purchases.
The tools segment saw a sales decline of approximately 3%, reaching $500.5 million. This marks the third consecutive quarter of sales drop in this division. According to data compiled by LSEG, total sales decreased by 1.1% compared to the same period last year, amounting to around $1.15 billion, slightly below the analyst consensus of $1.16 billion.
