Manufacturer Snap-on Inc. (NYSE: SNA) of Kenosha, Wisconsin, reported 2022 first-quarter net sales of $1,097.8 million, 7.1%, higher than 2021 levels and reflecting an $80.4 million, or 8.0%, organic sales gain.
The company said $8.5 million of that was acquisition-related sales, partially offset by $15.7 million of unfavorable foreign currency translation.
Operating earnings before financial services for the quarter were $223.1 million, or 20.3% of sales, compared to $200.9 million, or 19.6% of sales, in 2021, Snap-on said.
1Q also included a diluted EPS of $4.00, an increase of 14.3% from the same time in 2021.
“Our first quarter results are once again encouraging, demonstrating our upward trajectory in sales, profitability and earnings, and overcoming the varying difficulties faced in the current macroeconomic and geopolitical environments,” said Nick Pinchuk, Snap-on chairman and CEO. “Throughout the turbulence of the past two years, we believe our markets have remained resilient and our strategic position has strengthened, as evidenced by our continuing sales growth over the pre-pandemic period of 2019, reaching 19.1%, or 16.9% organically, in the quarter. The capable and consistent execution of our teams has delivered substantial momentum, expanded our profitability, and extended our advantages in our products, our brands, and our people. We expect that the combination of our coherent growth and of our Snap-on Value Creation Processes will drive ongoing and significant progress for the foreseeable future. Finally, I want to thank our franchisees and associates for their steadfast contributions, for their uninterrupted dedication, and for their unfailing confidence in our path forward.”