Snap-on sales down slightly
Snap-on Incorporated said its third-quarter net sales of $898.1 million were down $5.7 million, or 0.6%, from 2017 levels.
The totals reflected a $5.4 million, or 0.6%, organic sales gain, $1.4 million of acquisition-related sales and $12.5 million of unfavorable foreign currency translation.
Reported net earnings in the quarter were $163.2 million, or $2.85 per diluted share, compared to $133.4 million, or $2.29 per diluted share a year ago.
“Our third quarter results demonstrated encouraging progress on a number of fronts, including higher operating margins and net earnings, broad-based organic sales growth in our Commercial & Industrial Group and incremental improvement in organic sales trends in the Snap-on Tools Group, driven by higher year over year sales in the U.S. franchise operations,” said Nick Pinchuk, Snap-on chairman and chief executive officer.
Commercial & Industrial Group segment sales of $330.2 million in the quarter increased $15.6 million, or 5.0%, from 2017 levels, reflecting a $20.7 million, or 6.7%, organic sales gain and $1.4 million of acquisition-related sales, partially offset by $6.5 million of unfavorable foreign currency translation.
Snap-on Tools Group segment sales of $389.8 million in the quarter decreased $2.9 million, or 0.7%, from 2017 levels, reflecting a $0.3 million, or 0.1%, organic sales increase, more than offset by $3.2 million of unfavorable foreign currency translation.
INDUSTRIAL SUPPLY MAGAZINE
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