Snap-on Inc., Kenosha, WI, a global manufacturer of tools, diagnostics, equipment, software and service solutions for professional users, reported sales of $572.6 million for the first quarter of 2009, down 20.6% from the prior year. Profit declined 38.5% to $34.8 million.
Commercial & Industrial Group segment sales were $259.8 million, down 27.2% from 2008 levels. Excluding $33.6 million of unfavorable currency translation, year-over-year sales declined 17.7% primarily due to continued lower sales of professional tools in Europe and decreased sales of equipment worldwide.
Snap-on Tools Group segment sales of $242.4 million in the quarter declined 16.2%; organic sales declined 10.7%.
Diagnostics & Information Group segment sales declined …
Snap-On Sales Decline 20.6% In 1Q
Snap-on Inc., Kenosha, WI, a global manufacturer of tools, diagnostics, equipment, software and service solutions for professional users, reported sales of $572.6 million for the first quarter of 2009, down 20.6% from the prior year. Profit declined 38.5% to $34.8 million.
Commercial & Industrial Group segment sales were $259.8 million, down 27.2% from 2008 levels. Excluding $33.6 million of unfavorable currency translation, year-over-year sales declined 17.7% primarily due to continued lower sales of professional tools in Europe and decreased sales of equipment worldwide.
Snap-on Tools Group segment sales of $242.4 million in the quarter declined 16.2%; organic sales declined 10.7%.
Diagnostics & Information Group segment sales declined …
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