Posted July 21, 2011
Snap-on sales and earnings grow
Snap-on Incorporated's second quarter sales of $726.7 million reflect a 12.2% increase from 2010 levels.
Excluding $30.0 million of favorable foreign currency translation, organic sales increased 7.2%.
Net earnings were $78.0 million, or $1.33 per diluted share, compared with $45.3 million, or 78 cents per diluted share, in the second quarter of 2010.
"We are pleased with our financial results for the second quarter, which we believe further illustrate the strength of Snap-on's value proposition to professional users performing critical tasks," said Nick Pinchuk, Snap-on chairman and chief executive officer.
Commercial & Industrial Group segment sales of $279.7 million increased $21.0 million, or 8.1%, from 2010 levels.
Snap-on Tools Group segment sales of $299.0 million increased $34.5 million, or 13.0%, from 2010 levels.
