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Snap-on Sales Up 8.2% in 2Q

Snap-on Inc. (NYSE: SNA), Kenosha, WI, reported sales for the second quarter of $826.5 million, an increase of 8.2 percent from 2013 levels.

Organic sales increased 6.6 percent, excluding $10.5 million of acquisition-related sales and $1.4 million of favorable foreign currency translation. Profit increased 20 percent to $106.1 million.

Commercial and industrial group segment sales of $287.2 million in the quarter increased 7.9 percent from 2013 levels. Excluding $1.2 million of unfavorable foreign currency translation, organic sales increased 8.4 percent, 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 $369.1 million in the quarter rose 6.6 percent from 2013 levels, reflecting sales increases in both the company’s U.S. and international franchise operations. Excluding $0.1 million of favorable foreign currency translation, organic sales also increased 6.6 percent.

Repair systems and information group segment sales of $278.5 million in the quarter increased 13.1 percent, from 2013 levels. Excluding $10.5 million of acquisition-related sales and $2.7 million of favorable foreign currency translation, organic sales increased 7.7 percent, primarily due to higher sales to OEM dealership service and repair shops, and increased sales of diagnostic and repair information products to independent repair shop owners and managers.

For the first six months, sales were $1.6 billion, up 7 percent over the prior-year period. Profit increased 18 percent to $202 million.

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