Snap-on sales and earnings increase
Snap-on Incorporated said its second quarter net sales of $872.3 million increased 2.4% from 2015 levels.
Excluding unfavorable foreign currency translation and acquisition-related sales, organic sales increased $24.8 million or 2.9%.
Net earnings of $140.1 million, or $2.36 per diluted share, compared to $120.0 million, or $2.03, a year ago.
Commercial & Industrial Group segment sales of $285.7 million in the quarter decreased 3.4% from 2015 levels. Lower sales to customers in critical industries were partially offset by gains in the segment’s Asia/Pacific and power tools operations, as well as higher sales from the segment’s European-based hand tools business.
Snap-on Tools Group segment sales of $416.7 million in the quarter rose 4.5% from 2015 levels. Organic sales were up 5.8%, reflecting similar sales increases in both the company’s U.S. and international franchise operations.
Repair Systems & Information Group segment sales of $295.2 million in the quarter rose 6.4% from 2015 levels. The increase was driven by 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.