Quarterly Dividend Increases to $0.71 per Share
KENOSHA, Wis.--(BUSINESS WIRE)--Nov. 3, 2016--
Snap-on Incorporated (NYSE: SNA) announced that its Board of Directors
has declared a quarterly common stock dividend of $0.71 per share
payable December 9, 2016 to shareholders of record on November 18, 2016.
This represents an increase of $0.10 per share, or 16.4%, over Snap-on's
previous quarterly dividend of $0.61 per share.
“This seventh consecutive annual dividend increase reinforces our
commitment to create long-term value for our shareholders and our belief
that Snap-on is well-positioned for the future. At the same time, it
underscores both the continued progress along our defined runways for
coherent growth and the ongoing improvements authored by our Snap-on
Value Creation processes,” said Nick Pinchuk, Snap-on chairman and chief
executive officer. “Snap-on’s dividend is a core component of our
capital allocation strategy, as demonstrated by our payment of
consecutive quarterly cash dividends, without interruption or reduction,
since 1939.
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.
Products and services include hand and power tools, tool storage,
diagnostics software, information and management systems, shop equipment
and other solutions for vehicle dealerships and repair centers, as well
as for customers in industries, including aviation and aerospace,
agriculture, construction, government and military, mining, natural
resources, power generation and technical education. Snap-on also
derives income from various financing programs to facilitate the sales
of its products. Products and services are sold through the company’s
franchisee, company-direct, distributor and internet channels. Founded
in 1920, Snap-on is a $3.4 billion, S&P 500 company 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 January 2, 2016, 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.
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Source: Snap-on Incorporated
Snap-on Incorporated
Investors:
Leslie Kratcoski
262/656-6121
or
Media:
Richard
Secor
262/656-5561