Snap-on Inc. (NYSE: SNA), Kenosha, WI, reported sales for the first quarter were $693.7 million, an increase of 11.6 percent over the same period a year ago. Organic sales increased 10 percent. Profit for the tool manufacturer increased 52.7 percent to $56.2 million.
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Commercial & Industrial Group segment sales of $272.4 million in the first quarter increased 10.3 percent, primarily reflecting continued higher sales to customers in emerging markets and increased sales in the segment’s European-based hand tools business. Organic sales increased 8.4 percent.
Snap-on Tools Group segment sales of $282 million in the first quarter increased 13.5 percents. Excluding $3.9 million of favorable foreign currency translation, organic sales increased 11.7 percent, largely due to continued higher sales in the United States.
Repair Systems & Information Group segment sales of $227 million in the first quarter increased $24.9 million, or 12.3 percent, from 2010 levels, on strong sales of undercar equipment and increased essential tool and facilitation program sales. Excluding $1.1 million of favorable foreign currency translation, organic sales increased 11.7 percent.
