Snap-on reports 3.6 percent sales gain
Snap-on reported second-quarter net sales of $954.6 million increased 3.6 percent from 2017 levels.
The increase reflected a 1.3 percent organic sales gain, $8.1 million of acquisition-related sales, and $13.0 million of favorable foreign currency translation.
Net earnings of $178.7 million, or $3.12 per diluted share, compared to net earnings of $153.2 million, or $2.60 per diluted share a year ago.
Commercial & Industrial Group segment sales of $337.8 million increased 9.0 percent from 2017 levels, reflecting a $13.9 million, or 4.4 percent, organic sales gain, $8.1 million of acquisition-related sales, and $5.8 million of favorable foreign currency translation.
Snap-on Tools Group segment sales of $411.9 million in the quarter decreased $1.9 million, or 0.5 percent, from 2017 levels, reflecting a $6.1 million, or 1.5 percent, organic sales decline, partially offset by $4.2 million of favorable foreign currency translation. The organic sales decrease includes lower sales in the company’s U.S. franchise operations, while sales in the international franchise operations were essentially flat.
Repair Systems & Information Group segment sales of $343.1 million in the quarter increased $5.0 million, or 1.5 percent, from 2017 levels, reflecting a $0.1 million organic sales gain and $4.9 million of favorable foreign currency translation.
INDUSTRIAL SUPPLY MAGAZINE
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