BUZZ - Snap-On shares plunge due to disappointing third-quarter results, rising diesel costs put pressure on franchisees

October 22 - **Industrial tool manufacturer Snap-On (SNA.N) saw its pre-market share price drop over 10% to $330.99 after releasing its third-quarter financial results

**According to LSEG data, third-quarter earnings per share (EPS) were $4.64, lower than the expected $4.93 and below $5.02 a year earlier

**Third-quarter revenue was $1.18 billion, down 0.6% year-on-year, missing the expected $1.25 billion; organic sales declined by 2.8%

**CEO Nick Pinchuk stated that while demand from technical service customers remained stable, rising diesel prices led franchisees to cut back on inventory

**Snap-on Tools Group’s organic sales fell 7.0% to $471.5 million

**The Commercial & Industrial Group saw organic sales growth of 7.4% to $404.3 million; its operating margin rose from 15.6% to 18.5%; the company called it a record performance

**Organic sales for the Repair Systems & Information Group declined 5.5%, mainly due to reduced activity in original equipment dealer business

**As of the close of the last trading day, the stock had gained 7% year-to-date

(To assist non-native English speakers, Reuters provides this report automatically translated into several other languages. As automated translation may contain errors or lack necessary context, Reuters does not guarantee the accuracy of automated translation texts and provides them for readers’ convenience only. Reuters accepts no responsibility for any damage or loss caused by use of the automated translation function.)