Snap-on Inc. (NYSE: SNA), Kenosha, WI, reported sales for the first quarter of 2010 were $621.6 million, up 8.6% from a year ago. Profit increased 5.7% to $36.8 million.
Organic sales for the manufacturer of tools, equipment, diagnostics, repair information and systems solutions increased 4.1%.
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Commercial & Industrial Group segment sales of $297.5 million in the first quarter increased 14.5% from 2009 levels. Excluding foreign currency translation, organic sales increased 9.4%, reflecting continued growth in emerging markets, higher volumes of equipment and increased sales to industrial customers.
Snap-on Tools Group segment sales of increased 8.9% to $264.0 million in the quarter. Excluding foreign currency translation, organic sales increased 4.3%.
Diagnostics & Information Group segment sales of $135.1 million in the quarter increased 2%; excluding foreign currency translation, organic sales increased slightly. The year-over-year sales increase is primarily due to higher sales of diagnostics and information products and increased facilitation program sales, partially offset by anticipated lower electronic parts catalog sales to original equipment manufacturer (OEM) dealerships.
Financial Services revenue of $9.7 million in the quarter declined $10.3 million from first quarter 2009 levels.