Snap-on Raises Dividend 16.4%
November 03 2016 - 4:30PM
Business Wire
Quarterly Dividend Increases to $0.71 per
Share
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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version on businesswire.com: http://www.businesswire.com/news/home/20161103006782/en/
Snap-on IncorporatedInvestors:Leslie
Kratcoski262/656-6121orMedia:Richard Secor262/656-5561
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