Snap-on sales up 5.8 percent
Snap-on Incorporated said its third-quarter sales of $753.2 million reflected a 5.8% from 2012 levels.
Excluding $15.6 million of sales from the May 2013 acquisition of Challenger Lifts and $7.3 million of unfavorable foreign currency translation, organic sales increased 4.7%.
Net earnings of $84.6 million, or $1.43 per diluted share, compares with $74.1 million, or $1.26 per diluted share, a year ago.
Commercial & Industrial Group segment sales of $275.2 million in the quarter decreased 1.9% from 2012 levels. Excluding $2.7 million of unfavorable foreign currency translation, organic sales decreased 0.9%, primarily due to continued lower sales to the military coupled with a slight sales decline in the segment’s European-based hand tools business.
Snap-on Tools Group segment sales of $333.8 million in the quarter rose 8.1% from 2012 levels, reflecting sales gains across both the company’s U.S. and international franchise operations. Excluding $4.0 million of unfavorable foreign currency translation, organic sales increased 9.5%.
Repair Systems & Information Group segment sales of $252.7 million in the quarter increased 13.8% from 2012 levels. Excluding $15.6 million of sales from the Challenger acquisition and $0.2 million of favorable foreign currency translation, organic sales in the quarter rose 6.7%, primarily due to gains in sales of diagnostics and repair information products to independent repair shop owners and managers and higher sales to Original Equipment Manufacturer (OEM) dealerships.
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.
