The 2020 Mid-Year Economic Update_long

Sales for Snap-on Up 2.9% in 2012

Profit increased 10.8 percent to $306.1 million.

Snap-on Inc. (NYSE: SNA), Kenosha, WI, reported full-year 2012 sales of $2.9 billion, an increase of 2.9 percent compared to 2011. Profit increased 10.8 percent to $306.1 million.

Fourth-quarter sales were $753.2 million, an increase of 2.3 percent. Profit increased 13.9 percent to $84.6 million.

Commercial & Industrial Group segment sales of $275.6 million in the quarter decreased 6.7 percent from 2011 levels. Excluding $1.7 million of unfavorable foreign currency translation, organic sales decreased 6.2 percent, primarily due to lower sales to the military and in the segment’s European-based hand tools business.

Snap-on Tools Group segment sales of $321.6 million in the quarter increased 9.8 percent from the same period a year earlier. Excluding $1.4 million of favorable foreign currency translation, organic sales increased 9.3 percent, reflecting increases across both the company’s U.S. and international franchise operations.

Repair Systems & Information Group segment fourth-quarter sales of $241.6 million increased 2.2 percent year-over-year. Excluding $1.6 million of unfavorable foreign currency translation, organic sales rose 2.9 percent, primarily due to gains in sales of diagnostics and repair information products to repair shop owners and managers, and in sales to EOM dealerships.

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