Despite uncertainty and turbulence in the environment, first-quarter sales for tools, tool storage and equipment manufacturer Snap-on remained consistent with last year.
Kenosha, WI-based Snap-on posted 1Q24 sales of $1.18 million, down 0.1% from 2023 levels, reflecting a $9.9 million, or 0.8%, organic sales decline, partially offset by $6.7 million of acquisition-related sales and $2.5 million of favorable foreign currency translation.
Operating earnings before financial services for the quarter were $270.9 million compared to $259.8 million in 2023. Net earnings in the quarter were $263.5 million, or $4.91 per diluted share, compared to net earnings of $248.7million, or $4.60 per diluted share, a year ago.
By Snap-on business unit in 1Q24:
- Snap-on Tools Group sales of $500 million in the quarter decreased from $537.0 million last year, reflecting a 7.0%, organic sales decline due to lower activity in the U.S. operations, partially offset by higher sales in the segment’s international operations.
- Repair Systems & Information Group sales of $463.8 million increased from $446.6 million last year, reflecting a 3.3%, organic sales increase attributed to increased activity with OEM dealerships and higher sales of undercar equipment.
- Commercial & Industrial Group sales of $359.9 million decreased from $363.8 million last year, reflecting a 2.5%, organic sales decline. The decrease is primarily due to declines in the segment’s power tools and Asia-Pacific operations, partially offset by higher activity with customers in critical industries.
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