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Nicholas Pinchuk[/caption]
Kenosha-based
Snap-On is starting to see economic uncertainty stabilize after the early days of the Trump administration “spooked” many customers, said
Nick Pinchuk, chairman, president and CEO of the company, during its most recent earnings call.
Snap-On is a manufacturer of tools and software for professional technicians. The company reported net sales of $1.17 million in the second quarter of 2025, which was flat compared to 2024. Snap-On’s Tools Group did see growth of 1.6% compared to last year.
The initial shock that followed President Trump’s tariff announcements earlier this year led to a delay in sales in the first quarter, Pinchuk explained. That shock has transitioned to what Pinchuk described as accommodation as customers adjust to a new normal.
“Project flow came back, and our order book has grown,” he said. “Critical industries built momentum through the quarter and they remain a very attractive place to operate.”
Snap-On groups markets like aviation, natural resources and defense into the critical industries category.
Technicians are still cash rich but lack confidence, according to Pinchuk. Despite technicians hesitating to commit to long-term business investments, Pinchuk said the company’s conversations with customers indicate economic uncertainty is beginning to stabilize.
“In general, the (repair) shops know that deeper complexity is rolling and challenges are coming, so they must be ready,” said Pinchuk.
Snap-On has an advantage in the current tariff environment because the company generally makes products in the markets they’re sold.
“We said we believe we’re resistant to tariffs and we meant it,” said
Aldo Pagliari, chief financial officer at Snap-On.
All of the company’s major product lines are already made in America, using American steel. Versions of almost all Snap-On’s products are made domestically. This means there is no extended ramp-up time to make overseas products that might need to be relocated.
“We already have the resident know-how right here in the USA,” said Pagliari.
So far, Snap-On has been able to mitigate any tariff impacts by re-considering some of its materials.
"We're encouraged by the (second quarter) results," said Pinchuk. "(We've shown) resilience and balance against an environment that's been quite turbulent. It's like one long mad minute where the commercial ground keeps shifting. With the resilience of our markets, the balance of our portfolio, our advantages in products, brand, and people, we navigated the roller coaster and exited the quarter stronger than when we entered."
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