Snap-on Delivers Solid 2Q Despite Headwinds in Europe and Slow Sales of Diagnostic Tools
Despite softness in Europe, currency headwinds and delayed purchasing of big-ticket diagnostic tools globally, Snap-on’s first-quarter adjusted EPS of $3.22 slightly exceeded consensus of $3.21. Performance in the quarter demonstrated Snap-on’s ability to continuously innovate and deliver products that improve technician productivity. This strategy has pitfalls, however, as management conceded that its second-quarter earnings were constrained due to longer-than-anticipated sales cycles of sophis...Snap-on is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions. Products and services include hand and power tools, tool storage, diagnostics software, handheld and PC-based diagnostic products, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as for customers in industries, such as aviation and aerospace, agriculture, construction, government and military, mining, natural resources, power generation and technical education. The company also provides financing programs designed to facilitate the sales of its products and support its franchise business.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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