Snap-on stock sinks as toolmaker attributes soft Q1 results to ‘uncertainty.’

Snap-on shares (SNA), which are owned by Snap-on, fell sharply on Friday after its CEO blamed “heightened macroeconomic uncertainty” for the company’s lower-than-expected first-quarter results.

Visible Alpha’s analysts polled expected $4.78 on $1.20 billion in sales, but the Kenosha, Wis., company reported earnings per share of $4.51. The firm's Tools Group segment posted sales of $462.9 million, down nearly 7%.

"Snap-on’s first quarter was marked by the heightened macroeconomic uncertainty of the day that led to mixed results across our operations," CEO Nick Pinchuk said. "As such, the grassroots economy, particularly the technician customers of the Tools Group, accelerated their reluctance to purchase financed products."

Snap-on stock sank over 8% in recent trading and was among the biggest decliners in the S&P 500. Despite today’s losses, shares have risen about 8% in the past year.