Snap-on earnings up 22.6 percent
Snap-on Incorporated said its third-quarter sales of $806.3 million increased 7.0% from 2013 levels.
Net earnings of $103.7 million, or $1.76 per diluted share, increased by 22.6% compared with net earnings of $84.6 million, or $1.43 per diluted share, a year ago.
“We were encouraged by our third quarter results that demonstrate ongoing progress along Snap-on’s runways for both coherent growth and improvement, as solid organic sales gains across all operating segments were accompanied by a 23.1% increase in earnings per share,” said Nick Pinchuk, Snap-on chairman and chief executive officer.
Commercial & Industrial Group segment sales of $298.8 million in the quarter increased 8.6% from 2013 levels, primarily due to higher volume with customers in critical industries and in the segment’s European-based hand tools business.
Snap-on Tools Group segment sales of $355.0 million in the quarter rose 6.4%, reflecting sales increases in both the company’s U.S. and international franchise operations.
Repair Systems & Information Group segment sales of $271.2 million in the quarter increased 7.3%, primarily due to higher sales to OEM dealerships and increased sales of diagnostic and repair information products to independent repair shop owners and managers, partially offset by lower sales of undercar equipment, largely reflecting weakness in Eastern Europe.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
