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Posted April 19, 2018

Snap-on posts 5.5 percent sales gain

Snap-on Incorporated reported net sales of $935.5 million in the first quarter increased by 5.5 percent from 2017 levels.


The increase reflected a $7.2 million organic sales gain, $14.3 million of acquisition-related sales, and $26.9 million of favorable foreign currency translation.

Net earnings in the quarter were $163.0 million, or $2.82 per diluted share, compared to net earnings of $141.6 million, or $2.39 per diluted share a year ago.

Commercial & Industrial Group segment sales of $331.6 million in the quarter increased $32.9 million, or 11.0 percent, from 2017 levels.

Snap-on Tools Group segment sales of $404.7 million in the quarter decreased $4.7 million, or 1.1 percent, from 2017 levels.

Repair Systems & Information Group segment sales of $337.0 million in the quarter increased $18.2 million, or 5.7 percent, from 2017 levels.

“We are encouraged with our first quarter 2018 results, which were achieved despite continuing headwinds in the Snap-on Tools Group,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “Net sales growth in both the Commercial and Industrial Group and the Repair Systems and Information Group provides ongoing validation of the fundamental strength of Snap-on’s value proposition of making work easier for serious professionals and demonstrates continued progress along our defined runways for coherent growth.

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