Snap-on hikes dividend by 15.1% | 15th consecutive year for SNA
Snap-on Incorporated (SNA) will raise its quarterly dividend by another 15 percent to $2.14 per share in 2024. This marks the 15th consecutive year of increases by SNA. The dividend yield for SNA is 2.4%.
Snap-on Incorporated 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 15th 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.”
At a stock price of $353 the new dividend yield for SNA is 2.4%. Snap-on has hiked its dividend by 15% on average every year in the last 10 years.
Snap-on Incorporated is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users. 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 and support its franchise business. Snap-on’s largest geographic markets include the United States, Europe, Canada and Asia/Pacific and its products and services are sold through the company’s franchisee, company-direct, distributor and internet channels. Snap-on was founded in 1920 and is headquartered in Kenosha, Wisconsin. The company has paid quarterly cash dividends without interruption or reduction since 1939.
