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Snap-on Sales Up 8.4% in 3Q

Snap-on Inc. (NYSE: SNA), Kenosha, WI, reported sales for the third quarter of $903.8 million, an increase of 8.4 percent from the same period in 2016. Profit increased 1.3 percent to $133.4 million. Organic sales increased 2.3 percent.

Commercial and industrial group segment sales of $314.6 million in the quarter increased 8.7 percent from 2016 levels. Organic sales increased 0.2 percent, including higher sales to customers in critical industries and gains in the segment’s European-based hand tools business, substantially offset by lower sales of power tools and in the segment’s Asia/Pacific operations.

Snap-on Tools Group segment sales of $392.7 million in the quarter rose 1.1 percent from 2016 levels. Organic sales declined 1.6 percent, reflecting lower sales in the company’s U.S. franchise operations, partially offset by gains in the international franchise operations.

Repair systems and information group segment sales of $333.5 million in the quarter increased 16.6 percent from 2016 levels. Organic sales increased 8.2 percent, reflecting $21.6 million in acquisition-related sales, higher sales of diagnostics and repair information products to independent repair shop owners and managers, increased sales to OEM dealerships and higher sales of undercar equipment.

For the first nine months, sales were $2.7 billion, up 6.7 percent over the prior-year period. Profit increased 7 percent to $428.2 million.

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