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.
INDUSTRIAL SUPPLY MAGAZINE
The July/August issue of Industrial Supply magazine features an in-depth cover story about Singer Industrial. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and Rachael Radford, as well as interviews with numerous product and distribution industry experts.
