Posted October 20, 2011
Industrial supply manufacturers earnings report
Several industrial supply manufacturers reported positive earnings for the latest quarter.
Snap-on reported sales of $697.2 million increased $44.1 million, or 6.8%, from 2010 levels. Net earnings of $67.8 million, or $1.16 per diluted share, compared with net earnings of $46.5 million, or 80 cents per diluted share, a year ago. The Commercial & Industrial Group segment sales of $278.3 million in the third quarter increased $17.3 million, or 6.6%, from 2010 levels. Snap-on Tools Group segment sales of $279.6 million in the third quarter rose $20.9 million, or 8.1%, from 2010 levels.
Stanley Black & Decker said net sales for the quarter increased by 11% to $2.6 billion. In the CDIY segment, double-digit unit volume growth in Latin America and Asia and sales growth greater than 20% for Professional Power Tools drove organic growth for the quarter. Organic sales in the Industrial segment rose 10%. "With little to no market growth in many of the industries and developed regions where we have a presence, it is successful new product introductions and ongoing value propositions that have resulted in the market share gains crucial to our company's success," said president and CEO, John F. Lundgren.
Ingersoll-Rand reported revenues of $3.9 billion in the third quarter, up 5% compared with 2010. The company reported net earnings of $86.2 million, or 25 cents per share. Sales in the Industrial Technologies segment, which produces air tools and other products, increased approximately 12% to $697 million. Revenues in the Americas increased 11% compared with 2010, as industrial and commercial markets for both air compressors and tools continued to improve.
Parker Hannifin said its fiscal 2012 first quarter sales were a record $3.2 billion, an increase of 14.3% from $2.8 billion in the prior year quarter. Net income was an all-time record at $298.1 million, an increase of 19.7% compared with $249.0 million in the first quarter of fiscal 2011. Fiscal 2012 first quarter earnings per diluted share were also an all-time record at $1.91 compared with $1.51 in the prior year quarter. In the Industrial North America segment, first quarter sales increased 13.1% to $1.2 billion, and operating income was $223.2 million compared with $189.4 million in the same period a year ago.
