Snap-on 2Q Sales Rise 5% - Modern Distribution Management

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Snap-on 2Q Sales Rise 5%

The manufacturer reported second-quarter 2022 sales of $1.136 billion, an increase of $55.2 million over the same period last year.
In the latest earnings reporting p

Manufacturer Snap-on Inc. of Kenosha, Wisconsin, reported second-quarter 2022 sales of $1.136 billion, a 5.1% increase over the same quarter in 2021.

The 2Q earnings report reflects an $87.6 million, or 8.4%, organic sales gain, partially offset by $32.4 million of unfavorable foreign currency translation, Snap-on said.

Net earnings for 2Q 2022 were $231.5 million, or $4.27 per diluted share, compared to net earnings of $208 million, or $3.76 per diluted share, during the same quarter last year.

“We’re encouraged by our second quarter results which not only demonstrate our upward trajectory in sales, profitability and earnings, but also represent new highs achieved in these uncertain macroeconomic and geopolitical environments,” said Nick Pinchuk, Snap-on chairman and CEO. “Despite the turbulence, we have consistently maintained meaningful momentum, as evidenced by our continuing sales growth over the pre-pandemic period of 2019, reaching 19.5% as reported, or 18.7% organically, in the quarter. These are interesting times, but we meet the difficulties of the day fortified by the strengths inherent in our products, our brands, and our people . . . considerable advantages that drive clear and consistent progress, even in turmoil. We believe that these powerful and singular assets will enable significant gains along our runways for growth, which combined with the improvements delivered by our Snap-on Value Creation Processes, will further extend our ongoing upward trend and will author notable advancements as we go forward. Finally, I want to thank our franchisees and associates for their ongoing contributions, for their unfailing dedication, and for their steadfast confidence in our future.”

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