Snap-on reported third-quarter sales on Thursday as inflationary pressures affected demand in the tools sector. Rising borrowing costs and rising instrument prices — instruments are one of the company's biggest sources of revenue, causing customers to limit purchases. Sales in the Snap-On Tools division fell about 3% to $5005 million, the third consecutive quarter that the company reported a decline in sales for the division. According to data compiled by LSEG, total sales fell 1.1% compared to the same period last year, to around $1.15 billion, slightly below analysts' average expectations of $11.6 billion.

Snap-on reported third-quarter sales on Thursday as inflationary pressures affected demand in the tools sector. Rising borrowing costs and rising instrument prices — instruments are one of the company's biggest sources of revenue, causing customers to limit purchases. Sales in the Snap-On Tools division fell about 3% to $5005 million, the third consecutive quarter that the company reported a decline in sales for the division. According to data compiled by LSEG, total sales fell 1.1% compared to the same period last year, to around $1.15 billion, slightly below analysts' average expectations of $11.6 billion.