Snap-on sales rise 6%
Snap-on Incorporated reported sales of $735.2 million in the first quarter increased $41.5 million, or 6.0%, from 2011 levels.
Excluding $6.7 million of unfavorable foreign currency translation, organic sales increased 7.0%. Net earnings of $71.0 million, or $1.21 per diluted share, increased $14.8 million from $56.2 million, or 96 cents per diluted share, a year ago.
“We are pleased to begin 2012 with this encouraging first quarter performance, which we believe offers evidence that Snap-on’s value proposition continues to resonate with our expanding customer base of serious professionals performing critical tasks,” said Nick Pinchuk, Snap-on chairman and chief executive officer.
Commercial & Industrial Group segment sales of $286.5 million in the first quarter increased $14.1 million, or 5.2%, from 2011 levels.
Snap-on Tools Group segment sales of $316.6 million in the first quarter rose $34.6 million, or 12.3%, from 2011 levels.
Repair Systems & Information Group segment sales of $226.1 million in the first quarter decreased $0.9 million, or 0.4%, from 2011 levels.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
