Tools manufacturer Snap-on Inc. (NYSE: SNA), Kenosha, WI, reported sales for the third quarter of $753.2 million, an increase of 5.8 percent compared to the same period a year ago. Excluding $15.6 million of sales from the May acquisition of Challenger Lifts and $7.3 million of unfavorable foreign currency translation, organic sales increased 4.7 percent. Profit increased 14.2 percent to $84.6 million.
Commercial & industrial group segment sales of $275.2 million in the quarter decreased 1.9 percent from 2012 levels. Organic sales decreased 0.9 percent, primarily due to continued lower sales to the military coupled with a slight sales decline in the segment’s European-based hand tools business.
Snap-on tools group segment sales of $333.8 million in the quarter rose 8.1 percent from 2012 levels, reflecting sales gains across both the company’s U.S. and international franchise operations. Organic sales increased 9.5 percent.
Repair systems & information group segment sales of $252.7 million increased 13.8 percent from 2012 levels. Organic sales rose 6.7 percent, primarily due to gains in sales of diagnostics and repair information products to independent repair shop owners and managers and higher sales to OEM dealerships.
For the first nine months, sales for Snap-on were $2.3 billion, an increase of 3.4 percent compared to the same period a year ago. Profit increased 15.3 percent to $262.8 million.