Snap-on 4Q sales fall 2.3 percent
Snap-on reported net sales of $952.5 million in the fourth quarter were down 2.3 percent from 2017 levels.
The decline reflected a 0.6 percent organic sales decline and $17.1 million of unfavorable foreign currency translation, partially offset by $0.4 million of acquisition-related sales.
Reported net earnings in the quarter were $175.0 million, or $3.09 per diluted share, compared to reported net earnings of $129.5 million, or $2.24 per diluted share, a year ago.
Commercial & Industrial Group segment sales of $343.7 million in the quarter increased 0.6 percent.
Snap-on Tools Group segment sales of $407.4 million in the quarter decreased 0.4 percent.
Full year net sales of $3.7 billion increased 1.5 percent from 2017 levels, reflecting 0.5 percent organic sales gain, $24.2 million of acquisition-related sales and $10.3 million of favorable foreign currency translation. Full year net earnings of $679.9 million, or $11.87 per diluted share, compared to net earnings of $557.7 million, or $9.52 per diluted share, last year.
“Despite near-term challenges in a variety of environments, we continue to see clear progress on a number of our runways for growth and improvement including: the Commercial & Industrial Group extending its penetration of critical industries; the building of our activity in emerging markets like India; and the continuing recovery in our U.S. van channel," said Nick Pinchuk, chairman and chief executive officer.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
