Snap-on sales decline 1.5 percent
Snap-on said its net sales of $921.7 million in the first quarter decreased $13.8 million, or 1.5 percent, from 2018 levels.
The decline reflected a $12.3 million, or 1.4 percent, organic sales increase, more than offset by $26.1 million of unfavorable foreign currency translation.
Reported net earnings in the quarter of $177.9 million, or $3.16 per diluted share, compared to $163.0 million, or $2.82 per diluted share, a year ago.
Commercial & Industrial Group segment sales of $322.5 million in the quarter decreased $9.1 million, or 2.7 percent, from 2018 levels, reflecting a $4.7 million, or 1.5 percent, organic sales gain, more than offset by $13.8 million of unfavorable foreign currency translation. The organic sales increase includes higher sales in the segment’s specialty tools business, as well as increases with customers in critical industries, partially offset by lower sales in the segment’s Asia Pacific operations.
Snap-on Tools Group segment sales of $410.2 million in the quarter increased $5.5 million, or 1.4 percent, from 2018 levels.
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.
