Snap-on’s sales and earnings increase during third quarter

Freeman Staff

Oct. 22, 2015

KENOSHA —Snap-on Incorporated announced Thursday that its sales increase 1.9 percent during the third quarter and operating earnings did even better with a 17.5 percent increase when compared to the same period last year.

According to the Kenosha-based manufacturer and marketer of tools, equipment and systems solutions, its sales for the third quarter of 2015 were $821.5 million, an increase of $15.2 million, or 1.9 percent the third quarter 2014 levels. If $42.6 million of unfavorable foreign currency translation and $2.1 million of acquisition-related sales were excluded, then organic sales would have increased $55.7 million or 7.3 percent.

Operating earnings before financial services of $143.6 million improved 130 basis points to 17.5 percent of sales as compared to $130.6 million, or 16.2 percent of sales compared to the same period last year.

For the third quarter of this year, net earnings were $116.8 million, or $1.98 per diluted share, compared to net earnings of $103.7 million, or $1.76 per diluted share, one year ago, according to Snap-on.

“We believe our third quarter results continue to confirm Snap-on’s capabilities in serving serious professionals performing critical tasks in workplaces of consequence around the world,” said Nick Pinchuk, Snap-on chairman and chief executive officer, in a statement.