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.