Snap-on sales increase 5.1 percent in first quarter

Freeman Staff

April 23, 2015

KENOSHA — Snap-on Incorporated announced that its sales increased 5.1 percent or $40.3 million for a total of $827.8 million in the first quarter compared to the same period in 2014.

Excluding $38.5 million of unfavorable foreign currency translation and $4.9 million of acquisition-related sales, organic sales increased 9.9 percent, according to Thursday’s announcement from the Kenosha-based manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users.

Operating earnings before financial services of $137.9 million improved 120 basis points to 16.7 percent of sales as compared to $121.7 million, or 15.5 percent of sales, during the first quarter of 2014.

Additionally, net earnings during the first quarter of 2015 were $110.5 million, or $1.87 per diluted share, compared to net earnings of $95.9 million, or $1.62 per diluted share, a year ago.

“We believe these results confirm Snap-on’s unique capabilities in providing valued productivity solutions to a growing range of professional customers performing critical tasks in workplaces of consequence,” said Nick Pinchuk, Snap-on chairman and chief executive officer, in a statement. “Additionally, we achieved a 120 basis point improvement in operating margin before financial services, further demonstrating our ability to realize ongoing benefits from our Snap-on Value Creation Processes.”