- Admin
- #1
Higher tool prices are causing U.S. repair technicians to cut back on spending, denting demand for Snap-On's smaller wrenches and ratchets. Sales at the company's "Commercial & Industrial" division, which caters to critical industries such as transportation, military, aerospace and power generation, fell to $359.9 million in the quarter from $363.8 million last year due to weak demand for power tools. Snap-On expects capital expenditures in 2024 to be $100 million to $110 million as it ramps up spending to tap into new customers, markets and geographic areas.