Repair segment drives Snap-on growth

Kenosha-based Snap-on Inc. today reported first quarter net earnings of $98.2 million, or $1.62 per share, up from $82.8 million, or $1.40 per share, in the first quarter of 2013.

Revenue was $787.5 million, up 6.2 percent from $741.7 million in the same period last year.

Snap-on manufactures and markets tools, equipment, diagnostics, repair information and systems solutions for professionals.

The company’s Repair Systems & Information Group reported segment sales of $262.7 million, up 6.7 percent from 2013. The increase was attributed to sales from Challenger Lifts Inc., which was acquired in May 2013, favorable foreign currency translation and increased sales of diagnostic and repair information products to independent repair shop owners and managers.

“Our first quarter results, including a 6.2 percent sales increase and a 15.7 percent rise in diluted earnings per share, represent an encouraging start for 2014,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “We believe that these results provide continued evidence that Snap-on’s value proposition of making work easier for serious professionals in workplaces of consequence is an ongoing strength as we continue to move forward along our clear runways for coherent growth: enhancing the franchise network, expanding in the vehicle repair garage, extending to critical industries and building in emerging markets. At the same time, our year-over-year 100 basis point improvement in operating margin further confirms the abundant potential of Snap-on Value Creation, our suite of principles and processes we employ every day around safety, quality, customer connection, innovation and rapid continuous improvement. Finally, these results would not have been possible without significant contributions from our franchisees and associates worldwide; I thank them for their ongoing and extraordinary commitment and dedication.”

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