Snap-on sales flat
Snap-on Incorporated reported first quarter sales of $834.2 million increased 0.8% from 2015 levels.
Excluding $16.4 million of unfavorable foreign currency translation and $2.6 million of acquisition-related sales, organic sales increased 2.5%.
Net earnings of $128.3 million, or $2.16 per diluted share, compared to $110.5 million, or $1.87 per diluted share, a year ago.
Commercial & Industrial Group segment sales of $287.0 million in the quarter decreased 3.5%. Excluding $6.7 million of unfavorable foreign currency translation, organic sales declined $3.8 million, or 1.3%, as lower sales to customers in critical industries were partially offset by gains in the segment’s Asia/Pacific and power tools operations, and higher sales from the segment’s European-based hand tools business.
Snap-on Tools Group segment sales of $402.5 million in the quarter rose 6.4% from 2015 levels, reflecting sales increases in both the company’s U.S. and international franchise operations. Excluding $6.0 million of unfavorable foreign currency translation, organic sales were up 8.1%.
Repair Systems & Information Group segment sales of $278.8 million in the quarter rose 2.4%. Excluding $4.5 million of unfavorable foreign currency translation and $2.6 million of acquisition-related sales, organic sales increased $8.4 million, or 3.1%, primarily due to higher sales of diagnostic and repair information products to independent repair shop owners and managers, increased sales of undercar equipment and higher sales to OEM dealerships.
Financial Services operating earnings of $47.0 million on revenue of $66.3 million in the quarter compared to operating earnings of $40.3 million on revenue of $57.4 million a year ago.