Shares of Snap-On soared more than 9 percent following a favorable earnings announcement on Thursday morning, making it the biggest gainer in the .
The tool and diagnostic equipment manufacturer reported first-quarter earnings per share of $2.82, beating Wall Street estimates of $2.72. Revenue also beat estimates, reaching $935.5 million while the Street expected revenue of $926.8 million.
Snap-On's net income also rose 15 percent as a result of the U.S. tax overhaul. The company expects a 2018 effective income tax rate of 24 percent to 25 percent, lower than last year's effective income tax rate of 30.7 percent.
Thursday morning's earnings announcement offsets the negative path the stock has been on since the beginning of the year. Shares have fallen 18 percent since the start of 2018.
The company's gains were the highest in the S&P 500 on Thursday morning.