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Posted July 18, 2019

Snap-on sales decline 0.3 percent

Snap-on Incorporated said its second-quarter net sales of $951.3 million decreased $3.3 million, or 0.3 percent, from 2018 levels.


The results reflected a $15.1 million, or 1.6 percent, organic sales increase and $1.1 million of acquisition-related sales, more than offset by $19.5 million of unfavorable foreign currency translation.

Net earnings of $180.4 million, or $3.22 per diluted share, compared to $178.7 million, or $3.12 per diluted share, a year ago.

"While sales were mixed in the period, we did experience clear sales gains to customers across our U.S. operations and delivered overall organic growth, overcoming the variation and the turbulence,” said Nick Pinchuk, Snap-on chairman and chief executive officer.

Commercial & Industrial Group segment sales of $335.0 million in the quarter decreased $2.8 million, or 0.8 percent, from 2018 levels.

Snap-on Tools Group segment sales of $405.8 million in the quarter decreased $6.1 million, or 1.5 percent, from 2018 levels.

Repair Systems & Information Group segment sales of $348.9 million in the quarter increased $5.8 million, or 1.7 percent.

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