Snap-on sales relatively flat
Snap-on reported first-quarter sales of $741.7 million increased 0.9% from 2012 levels.
Net earnings of $82.8 million, or $1.40 per diluted share, compared with $71.0 million, or $1.21, a year ago.
“We’re encouraged with our first quarter performance, which included a significant improvement in operating margin and a 15.7% increase in diluted earnings per share, despite continuing headwinds that are impacting specific areas of our business,” said Nick Pinchuk, Snap-on chairman and chief executive officer.
Commercial & Industrial Group segment sales of $266.4 million decreased 7.0% from 2012 levels primarily due to lower sales to the military and in the segment’s European-based hand tools business as a result of ongoing economic weakness in that region.
Snap-on Tools Group segment sales of $327.3 million rose 3.4% from 2012 levels, reflecting sales gains across both the company’s U.S. and international franchise operations.
Repair Systems & Information Group segment sales of $246.1 million increased 8.8% from 2012 levels primarily due to higher sales to Original Equipment Manufacturer (OEM) dealerships and gains in sales of diagnostics and repair information products to repair shop owners and managers.
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.
