Snap-On shares sink after quarterly sales miss estimates
** Shares in tool maker Snap-On Inc SNA.N down ~7% at $263.02 after it reported quarterly sales that fell short of Wall Street's expectations, pushing the stock to lowest point since mid-Feb and on track for biggest one-day pct drop since Feb 8
** SNA, a maker of tools used for vehicle repairs, reported Q1 rev of $1.182 bln vs Street consensus of $1.199 bln while its adj EPS of $4.75 was ahead of mean Street expectation for $4.65, according to data from LSEG
** As it looks to expand its professional customer base in adjacent markets, geographies, it forecast 2024 capital expenditures in range of $100 million to $110 million, with $21.8 million already incurred in Q1
** YTD shares in SNA down 9% vs gain of ~6% for S&P 500 industrials index .SPLRCI
(Reporting By Sinéad Carew)
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