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Snap-on Inc. (NYSE: SNA), Kenosha, WI, reported first-quarter sales of $741.7 million, an increase of 0.9 percent compared to the same period a year earlier. Excluding $4.3 million of unfavorable foreign currency translation, organic sales increased 1.5 percent. Profit increased 16.7 percent to $82.8 million.
Commercial & Industrial Group segment sales of $266.4 million in the quarter decreased 7 percent from 2012 levels primarily due to lower sales to the military and in the segment’s European-based hand tools business as a result of ongoing economic weakness in that region. Excluding currency translation, organic sales decreased 6.3 percent.
Snap-on Tools Group segment sales of $327.3 million rose 3.4 percent from 2012 levels, reflecting sales gains across both the company’s U.S. and international franchise operations. Excluding currency translation, organic sales increased 3.7 percent.
Repair Systems & Information Group segment sales of $246.1 million increased 8.8 percent year-over-year primarily due to higher sales to OEM dealerships and gains in sales of diagnostics and repair information products to repair shop owners and managers. Excluding currency translation, organic sales rose 9.3 percent.
In 2013, Snap-on expects to continue with the advancement of its strategic framework designed to enhance its mobile tool distribution network, expand in the vehicle repair garage, extend to critical industries and build in emerging markets.