Snap-on net sales increase 5.6% for quarter

Associated Press

July 21, 2017

KENOSHA - Snap-on Incorporated reported a positive second quarter Thursday with net sales of $921.4 million, an increase of 5.6 percent from 2016 levels.

The gains in net sales is attributed to a $23.2 million, or 2.7 percent, organic sales gain and $38.4 million of acquisition-related sales, partially offset by $12.5 million of unfavorable foreign currency translation.

In addition, operating earnings before financial services of $183.7 million improved 80 basis points to 19.9 percent of sales as compared to $166.4 million, or 19.1 percent of sales, last year.

The financial services revenue of $77.7 million increased $8.4 million from 2016 levels; financial services operating earnings of $54.6 million increased from $49.5 million last year.

Snap-on Incorporated is a global manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users.