Snap-on Inc., a Kenosha-based manufacturer and marketer of tools, diagnostics, equipment, software and service solutions for professional users, announced first quarter earnings of $56.6 million, or 98 cents per share, up from $39 million, or 67 cents per share, in the same period a year ago.
The company’s net sales increased $15.9 million over prior year to $721.6 million, including $33.2 million from currency translation as a result of the company’s continued geographic diversification initiatives. Forty-four percent of the company’s quarterly sales came from outside the United States
"Snap-on’s first quarter results clearly reinforce the strategic importance of our global scope and customer diversification initiatives, particularly in light of the more challenging economic environment in the United States," said Nick Pinchuk, Snap-on’s president and chief executive officer. "Our broad and expansive product portfolio and global customer base, combined with the essential nature of the productivity solutions we provide to professional users, has us well-positioned to achieve a strong and sustainable platform for profitable growth. Our associates continue to make progress in executing our strategies to extend our brands to new customers, improve our global supply chain, strengthen customer service and reduce overall complexity and cost, and I thank them for their ongoing efforts and support. In that regard, I also want to thank our franchisees for their loyalty and their contributions in building a stronger Snap-on."
