Snap-on Q1 sales soar
Snap-on Incorporated reported net sales of $1.02 billion in the first quarter of 2021 increased 20.2 percent from 2020 levels.
The results reflected a 16.3 percent organic sales gain of $141.9 million, $11.3 million of acquisition-related sales, and $19.2 million of favorable foreign currency translation.
Net earnings in the quarter of $192.6 million, or $3.50 per diluted share, compared to $137.2 million, or $2.49 per diluted share, a year ago.
“Our performance shows significant improvements from the pandemic-shocked first quarter of 2020, and demonstrates our growing accommodation to the virus environment driving an upward trajectory," said Nick Pinchuk, Snap-on chairman and chief executive officer.
Net sales in the period increased $102.9 million, or 11.2 percent, from $921.7 million in the first quarter of 2019.
Commercial & Industrial Group segment net sales of $345.7 million in the quarter compared to $299.9 million last year.
Snap-on Tools Group segment net sales of $478.3 million in the quarter increased $102.4 million, or 27.2 percent, from 2020 levels,
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