Snap-on Board Raises Quarterly Dividend 12.7% to $2.75 Per Share

Snap-on’s board approved a 12.7% increase in the company’s quarterly cash dividend to $2.75 per share on Nov. 6, setting a Dec. 10 payment for eligible shareholders.

The new payout is 31 cents above the previous $2.44 per share. Shareholders recorded at the close of business Nov. 20 will receive the payment.

Snap-on called the increase its 17th consecutive annual dividend increase. Snap-on, based in Kenosha, Wisconsin, has maintained its quarterly cash dividend since 1939 without missing a payment or cutting the amount.

“Our strong financial position and robust cash generation enable us to return capital to our shareholders,” Snap-on Chairman and CEO Nick Pinchuk said.

For the quarter ended Oct. 3, Snap-on recorded net earnings of $243 million, or $4.64 per diluted share, compared with $265.4 million, or $5.02 per diluted share, a year earlier. The prior-year quarter included a $16.2 million after-tax legal-settlement benefit, equal to 31 cents per diluted share. Snap-on makes tools, equipment, diagnostics and repair information systems for professional users.