Snap-On shares gained more than 6 percent Thursday after the company reported better-than-expected earnings.
The Wisconsin-based manufacturer and marketer of tools, equipment and diagnostics reported net earnings of $2.22 per diluted share, 7 cents than a Thomson Reuters consensus estimate. The net profit of $131.7 million was up from $116.8 million in the same quarter last year.
But revenue of $834.1 million missed expectations of $847.8 million.
CEO Nick Pinchuk said Snap-On's third quarter was "encouraging" during the earnings conference call. The company's tools and diagnostics groups were stronger, with sales growth of 5.6 percent. Pinchuk added that Snap-On's franchisees were in good shape and that the company had a wide range of products to offer.
Five day performance of Snap-On