Kenosha, WI-based Snap-on Inc., manufacturer and marketer of tools, diagnostics, equipment, software and service solutions for professional users, reported sales of $766.1 million for its second quarter 2008, an increase of 7.6% over second quarter 2007. Profit increased 52.7% to $66.9 million.
Sales included a benefit of $32.4 million from currency translation.
For the first six months, sales totaled $1.49 billion, an increase of 4.9% over the same period a year ago. Profit increased to $123.5 million, up 49%.
Commercial &Industrial Group segment sales of $387.7 million were up $56.1 million, or 16.9%, from prior year, including $25 million of currency translation. Excluding currency translation, sales growth was 9.4%, with strong contributions from Snap-on's global industrial and power tools businesses.
Snap-on Tools Group segment sales of $292.8 million increased $8.8 million, or 3.1%, from prior-year levels, including $5.5 million of currency translation. Higher sales in the company's international franchise operations were largely offset by lower North American franchise sales. In the U.S., sales declined 4.1% from 2007 levels.