Snap-on sees increase in 1Q earnings

Special to The Freeman

April 17, 2014

KENOSHA Snap-on Inc. on Thursday said it had a 6 percent sales increase in its fiscal first quarter.


The Kenosha-based provider of tools and diagnostics for professional mechanics reported net income rose to $95.9 million, or $1.62 a share, up almost 16 percent from $82.8 million, or $1.40, a year earlier.


The company saw some of its strongest growth from the commercial and industrial group, where sales rose 9 percent, to $290.6 million.


For the three months ended March 30, sales rose by 6.2 percent, to $787.5 million, from $741.7 million.


"We believe that these results provide continued evidence that Snap-on's value proposition of making work easier for serious professionals in workplaces of consequence is an ongoing strength as we continue to move forward along our clear runways for coherent growth: enhancing the franchise network, expanding in the vehicle repair garage, extending to critical industries and building in emerging markets, said Nick Pinchuk, Snap-on chairman and chief executive officer.