Snap-on sales relatively flat
Snap-on reported first-quarter sales of $741.7 million increased 0.9% from 2012 levels.
Net earnings of $82.8 million, or $1.40 per diluted share, compared with $71.0 million, or $1.21, a year ago.
“We’re encouraged with our first quarter performance, which included a significant improvement in operating margin and a 15.7% increase in diluted earnings per share, despite continuing headwinds that are impacting specific areas of our business,” said Nick Pinchuk, Snap-on chairman and chief executive officer.
Commercial & Industrial Group segment sales of $266.4 million decreased 7.0% from 2012 levels primarily due to lower sales to the military and in the segment’s European-based hand tools business as a result of ongoing economic weakness in that region.
Snap-on Tools Group segment sales of $327.3 million rose 3.4% from 2012 levels, reflecting sales gains across both the company’s U.S. and international franchise operations.
Repair Systems & Information Group segment sales of $246.1 million increased 8.8% from 2012 levels primarily due to higher sales to Original Equipment Manufacturer (OEM) dealerships and gains in sales of diagnostics and repair information products to repair shop owners and managers.