Snap-On Posts Mixed Quarter

The company's Q1 profit exceeded Wall Street forecasts, but its revenue fell short.

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KENOSHA, Wis. (AP) — Snap-On Inc. (SNA) on Thursday reported first-quarter net income of $263.5 million.

The Kenosha, Wisconsin-based company said it had profit of $4.91 per share. Earnings, adjusted for non-recurring gains, were $4.75 per share.

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $4.66 per share.

The tool and diagnostic equipment maker posted revenue of $1.18 billion in the period, which fell short of Street forecasts. Six analysts surveyed by Zacks expected $1.19 billion.

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