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Posted July 31, 2020

Snap-on sales fall 23.9 percent

Snap-on Incorporated said its net sales of $724.3 million in the second quarter of 2020 decreased 23.9 percent from $951.3 million in 2019.


The company said the lower sales volume was primarily due to the impact of the COVID-19 pandemic. Organic sales declined 22.9 percent.

Reported net earnings in the quarter $101.2 million, or $1.85 per diluted share, compared to $180.4 million, or $3.22 per diluted share, a year ago.

Commercial & Industrial Group segment net sales of $261.9 million in the quarter compared to $335.0 million last year, reflecting a $66.2 million, or 20.2 percent, organic sales decline and $6.9 million of unfavorable foreign currency translation. The organic decrease includes mid-teen declines in sales to customers in critical industries and in the power tools operation.

Snap-on Tools Group segment net sales of $323.3 million in the quarter compared to $405.8 million last year, reflecting a $79.2 million, or 19.7 percent, organic sales decline and $3.3 million of unfavorable foreign currency translation. The organic sales decrease includes a mid-teen decline in the United States and a nearly 40 percent decline in the segment’s international operations.

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