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Posted April 20, 2017

Snap-on sales up 6.3 percent

Snap-on Incorporated said its first quarter net sales of $887.1 million increased 6.3% from 2016 levels.


The increase includes 4.1% organic sales gain and $29.1 million of acquisition-related sales, partially offset by $9.6 million of unfavorable foreign currency translation.

Net earnings of $141.6 million, or $2.39 per diluted share, compared to net earnings of $128.3 million, or $2.16 per diluted share, a year ago.

Commercial & Industrial Group segment sales of $298.7 million in the quarter increased $11.7 million, or 4.1%, from 2016 levels, reflecting an $8.6 million, or 3.0%, organic sales gain, $7.8 million of acquisition-related sales, and $4.7 million of unfavorable foreign currency translation. The organic sales increase primarily includes gains in the segment’s European-based hand tools business and higher sales to customers in critical industries.

Snap-on Tools Group segment sales of $409.4 million in the quarter rose $6.9 million, or 1.7%, from 2016 levels, reflecting a $10.1 million, or 2.5%, organic sales gain and $3.2 million of unfavorable foreign currency translation.

Repair Systems & Information Group segment sales of $318.8 million in the quarter increased $40.0 million, or 14.3%, from 2016 levels, reflecting a $21.6 million, or 7.8%, organic sales gain, $21.3 million of acquisition-related sales and $2.9 million of unfavorable foreign currency translation. 

Financial Services operating earnings of $52.5 million on revenue of $76.8 million in the quarter compared to operating earnings of $47.0 million on revenue of $66.3 million a year ago.

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