Snap-on Sales Up 3.1% in 2Q - Modern Distribution Management

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Snap-on Sales Up 3.1% in 2Q

Sales for the first six months increased 4.1 percent year-over-year.

Snap-on Inc. (NYSE: SNA), Kenosha, WI, reported sales for the second quarter of $851.8 million, an increase of 3.1 percent from the prior year. Organic sales increased 8.4 percent. Profit increased 13.1 percent to $120 million.

Commercial and industrial group segment sales for the quarter increased 3 percent year-over-year to $295.8 million, reflecting sales gains across all businesses segments.

Snap-on Tools group segment sales of $398.7 million in the quarter rose 8 percent, reflecting similar sales increases in both the company’s U.S. and international franchise operations.

Repair systems and information group segment sales of $277.4 million in the quarter decreased 0.4 percent, reflecting higher sales of diagnostic 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 six months, sales were $1.7 billion, up 4.1 percent over the prior-year period. Profit increased 14.1 percent to $230.5 million.

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