The 2020 Mid-Year Economic Update_long

Snap-on Sales Up 5.1% in 1Q

Company's profit increases 15.2 percent to $110.5 million for quarter.

Snap-on Inc.  (NYSE: SNA), Kenosha, WI, reported first-quarter sales of $827.8 million, an increase of 5.1 percent compared to the same period a year earlier. Profit increased 15.2 percent to $110.5 million.

Commercial and industrial group segment sales of $297.5 million in the quarter increased 2.4 percent from 2014 levels primarily due to higher sales to customers in critical industries and in the segment’s European-based hand tools business.

Snap-on Tools Group segment sales of $378.2 million rose 10.1 percent from 2014 levels reflecting sales increases in both the company’s U.S. and international franchise operations.

Repair systems and information group segment sales of $272.3 million increased 3.7 percent year-over-year primarily due to higher sales to OEM dealerships and gains in sales of diagnostics and repair information products to repair shop owners and managers.

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