April 18 (Reuters) - Snap-On missed Wall Street

estimates for first-quarter sales on Thursday, as vehicle

service and repair technicians bought fewer tools and equipment

made by the company, offsetting steady demand for its products

from auto dealerships.

Higher tool prices are causing U.S. repair technicians to

cut back on spending, denting demand for Snap-On's smaller

wrenches and ratchets.

The Kenosha, Wisconsin-based company said sales in the tools

segment declined about 7% to $500.1 million in the first quarter

ended March 30, while operating earnings also fell to $117.3

million from $131.7 million a year ago.

Sales at the company's "Commercial & Industrial" division,

which caters to critical industries such as transportation,

military, aerospace and power generation, fell to $359.9 million

in the quarter from $363.8 million last year due to weak demand

for power tools.

Meanwhile, the company saw strong demand for undercar

equipment from original equipment manufacturer (OEM) dealerships

and independent repair shops, helping boost its profits.

Snap-On expects capital expenditures in 2024 to be $100

million to $110 million as it ramps up spending to tap into new

customers, markets and geographic areas.

The company's total sales of $1.18 billion in the first

quarter remained flat compared to last year, but came in below

analysts' average estimate of about $1.20 billion, according to

LSEG IBES data.

Snap-On, whose products include Blackhawk collision repair

equipment, John Bean wheel balancers, and Williams hand tools,

posted an adjusted profit of $4.75 per share, beating estimates

of $4.64.