Snap-on posts quarterly earnings per share of $2.49
Snap-on announces first quarter 2020 results.q1 earnings per share $2.49.q1 sales $852.2 million versus refinitiv ibes estimate of $877.7 million.q1 earnings per share estimate $2.70 -- refinitiv ibes data.q1 adjusted earnings per share $2.60 excluding items.global economic uncertainty causes lower qtrly sales and earnings.in near term, snap-on anticipates no improvement in macroeconomic environment.expects sales and credit originations in q2 of 2020 to be down.snap-on - in light of actions imposed by governments to contain spread of covid-19, believes q2 sales and earnings will be lower.snap-on - qtrly net sales of $852.2 million, reflect $62.7 million, or 6.9%, organic sales decline.expects that capital expenditures in 2020 will be $70 million to $80 million.snap-on - qtrly net sales also reflect $10.3 million of unfavorable foreign currency translation, partially offset by $3.5 million of acquisition-related sales.snap-on - lower sales volume in quarter primarily reflects impact of economic uncertainty associated with covid-19 pandemic.snap-on - impact of economic uncertainty by covid-19 led to increase of $2.6 million in credit reserve requirements for financial services portfolio.snap-on - qtrly consolidated operating earnings $195.8 million, included $7.5 million of restructuring charges.
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