On April 20, Kenosha, Wisconsin-based tools manufacturer Snap-on reported 2023 first-quarter sales of $1.18 billion, up 7.8% year-over-year.
The increase in sales reflected a 10.9% organic sales gain, partially offset by $24 million of unfavorable foreign currency translation, according to the financial report. As a percentage of net sales, operating earnings before financial services of 22% improved 170 basis points year-over-year.
The 7.8% sales increase was up from 4Q 2022’s year-over-year increase of 4.3% for Snap-on, which manufacturers tools for use in the transportation and industrial markets. The company had earnings per diluted share of $4.60 in 1Q, up from $4 per diluted share a year ago.
“We’re again encouraged by our performance, achieved against the general uncertainty and turbulence of these times,” Snap-on Chairman and CEO Nick Pinchuk said in the report. “Our results validate the extraordinary resilience of our critical markets and demonstrate the ongoing and upward momentum present across our operations. Our experienced and capable team overcame the difficulties of the day, further building our strategic and tactical advantages in our product and in our brand, all while maintaining our established trajectory of continuing progress.”