Snap-on sales up 1.5%
Snap-on said its second quarter sales of $737.9 million increased 1.5% from 2011 levels.
Excluding $20.8 million of unfavorable foreign currency translation, organic sales increased 4.5%. Net earnings of $76.4 million, or $1.30 per diluted share, compares with second-quarter 2011 net earnings of $66.9 million, or $1.14 per diluted share.
“We believe the organic sales increase, achieved despite uncertainties surrounding the global macroeconomic environment, particularly in Europe, illustrates ongoing advancements along our defined runways for coherent growth: enhancing the franchise network, expanding in the vehicle repair garage, extending into critical industries, and building in emerging markets," said Nick Pinchuk, Snap-on chairman and chief executive officer.
Commercial & Industrial Group segment sales of $283.4 million in the second quarter increased $3.7 million, or 1.3%, from 2011 levels.
Snap-on Tools Group segment sales of $325.0 million in the second quarter rose $26.0 million, or 8.7%, from 2011 levels.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
