Shares of Snap-on ( SNA ) dropped sharply Thursday as its CEO attributed the toolmaker's weaker-than-expected results for the first quarter to "heightened macroeconomic uncertainty."

The Kenosha, Wis.-based company reported quarterly earnings per share (EPS) of $4.51 on sales that fell 3.5% year-over-year to $1.14 billion, while analysts polled by Visible Alpha were expecting $4.78 and $1.20 billion, respectively. 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 declines, shares are up about 8% over the past 12 months.

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