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Posted July 21, 2022

Snap-on sales grow by 5.1 percent

Snap-on reported that its net sales of $1.13 billion in the second quarter of 2022 increased 5.1 percent from $1.01 billion last year.


The increase reflected an $87.6 million, or 8.4 percent, organic sales gain, partially offset by $32.4 million of unfavorable foreign currency translation.

Net earnings of $231.5 million, or $4.27 per diluted share, compared to $213.2 million, or $3.76 per share, in the same period last year.

Commercial & Industrial Group segment net sales of $359.1 million in the quarter compared to $350.5 million last year. An organic gain of 7.6 percent is primarily due to higher activity in the segment’s European-based hand tools business and Asia Pacific operations, as well as from gains in sales to customers in critical industries.

Snap-on Tools Group segment net sales of $520.6 million in the quarter compared to $484.1 million last year. An organic increase of 9.3 percent is comprised of higher sales in both the U.S. franchise business and in the segment’s international operations.

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