Reuters
Snap-On missed Wall Street estimates for first-quarter sales on Thursday, as vehicle service and repair technicians bought fewer tools and equipment made by the company, offsetting steady demand for its products from auto dealerships. 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.