Snap-on sales rise 6.2 percent
Snap-on Incorporated said its first quarter sales increased 6.2% to $787.5 million from 2013 levels.
Excluding $15.2 million of acquisition-related sales and $5.9 million of unfavorable foreign currency translation, organic sales increased 5.0%.
Net earnings of $95.9 million, or $1.62 per diluted share, compares with net earnings of $82.8 million, or $1.40 per diluted share, a year ago.
Commercial & Industrial Group segment sales of $290.6 million in the quarter increased 9.1% from 2013 levels. Sales were higher to customers in critical industries and in the segment’s European-based hand tools business.
Snap-on Tools Group segment sales of $343.6 million in the quarter rose 5.0% from 2013 levels, reflecting sales increases in both the company’s U.S. and international franchise operations.
Repair Systems & Information Group segment sales of $262.7 million in the quarter increased 6.7% as higher sales of diagnostic and repair information products to independent repair shop owners and managers were largely offset by lower sales to OEM dealerships.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
