Snap-on Inc. (NYSE: SNA), Kenosha, WI, reported first-quarter sales of $787.5 million, an increase of 6.2 percent compared to the same period a year earlier. Excluding $5.9 million of unfavorable foreign currency translation, organic sales increased 5 percent. Profit increased 15.8 percent to $95.9 million.
Commercial & Industrial Group segment sales of $290.6 million in the quarter increased 9.1 percent from 2013 levels primarily due to higher sales to customers in critical industries and in the segment’s European-based hand tools business. Excluding currency translation, organic sales increased 10.4 percent.
Snap-on Tools Group segment sales of $343.6 million rose 5 percent from 2013 levels reflecting sales increases in both the company’s U.S. and international franchise operations.Excluding currency translation, organic sales increased 6 percent.
Repair Systems & Information Group segment sales of $262.7 million increased 6.7 percent year-over-year primarily due to higher sales to OEM dealerships and gains in sales of diagnostics and repair information products to repair shop owners and managers. Excluding currency translation, organic sales increased $0.7 million as higher sales of diagnostic and repair information products to independent repair shop owners and managers were largely offset by lower sales to OEM dealerships.
In 2014, Snap-on expects to continue with the advancement of its strategic framework designed to enhance its mobile tool distribution network, expand in the vehicle repair garage, extend to critical industries and build in emerging markets.
