Snap-on Raises Dividend 15.1%

Quarterly Dividend Increases to $2.14 per Share

KENOSHA, Wis.--(BUSINESS WIRE)--Nov. 8, 2024-- Snap-on Incorporated (NYSE: SNA) announced today that its board of directors has increased its quarterly common stock dividend to $2.14 per share, from the previous $1.86 per share, an increase of $0.28 or 15.1%. The increased dividend is payable on December 10, 2024, to shareholders of record at the close of business November 21, 2024. Snap-on has paid quarterly cash dividends, without interruption or reduction, since 1939.

"This 15^th consecutive annual dividend increase confirms our steadfast commitment to create long-term value for our shareholders and demonstrates our ongoing belief that we're well-positioned for a future of abundant promise," said Nick Pinchuk, Snap-on chairman and chief executive officer. "Snap-on's dividend is an essential component of our approach to capital allocation, and it testifies to the considerable resilience and enduring strength of our enterprise, even during times of turbulence. Once again, our exceptional financial position, robust cash generation, and significant operating progress has enabled an increase to our cash dividend while, at the same time, supporting our continuing strategic investments, organically and through acquisitions, along our defined runways for both growth and improvement."

About Snap-on

Snap-on Incorporated is a leading global innovator, manufacturer, and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks including those working in vehicle repair, aerospace, the military, natural resources, and manufacturing. From its founding in 1920, Snap-on has been recognized as the mark of the serious and the outward sign of the pride and dignity working men and women take in their professions. Products and services are sold through the company's network of widely recognized franchisee vans, as well as through direct and distributor channels, under a variety of notable brands. The company also provides financing programs to facilitate the sales of its products and to support its franchise business. Snap-on, an S&P 500 company, generated sales of $4.7 billion in 2023, and is headquartered in Kenosha, Wisconsin.

Forward-looking Statements

Statements in this news release that are not historical facts, including statements that (i) are in the future tense; (ii) include the words "expects," "anticipates," "intends," "approximates," or similar words that reference Snap-on or its management; (iii) are specifically identified as forward-looking; or (iv) describe Snap-on's or management's future outlook, plans, estimates, objectives or goals, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Snap-on cautions the reader that this news release may contain statements, including earnings projections, that are forward-looking in nature and were developed by management in good faith and, accordingly, are subject to risks and uncertainties regarding Snap-on's expected results that could cause (and in some cases have caused) actual results to differ materially from those described or contemplated in any forward-looking statement. Factors that may cause the company's actual results to differ materially from those contained in the forward-looking statements include those found in the company's reports filed with the Securities and Exchange Commission, including the information under the "Safe Harbor" and "Risk Factors" headings in its Annual Report on Form 10-K for the fiscal year ended December 30, 2023, which are incorporated herein by reference. Snap-on disclaims any responsibility to update any forward-looking statement provided in this news release, except as required by law.

For additional information, please visit www.snapon.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241108331287/en/

Investors:
Sara Verbsky
262/656-4869

Media:
Samuel Bottum
262/656-5793

Source: Snap-on Incorporated