Snap-on earnings soar

Kenosha-based Snap-on Inc. today reported third quarter net earnings of $106.4 million, or $1.76 per share, up from $87 million, or $1.43 per share, in the third quarter of 2013.

Revenue was $806.3 million, up 7 percent from $753.2 million in the same period a year ago.

Snap-on, which manufactures tools, equipment, diagnostics, repair information and systems solutions for professionals, reported commercial and industrial group segment sales of $298.8 million, up 8.6 percent from 2013, mainly due to higher European and critical industries sales volume. And Snap-on tools group segment sales of $355 million, up 6.4 percent over last year, mainly through organic sales growth.

“We were encouraged by our third quarter results that demonstrate ongoing progress along Snap-on’s runways for both coherent growth and improvement, as solid organic sales gains across all operating segments were accompanied by a 23.1 percent increase in earnings per share,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “In the third quarter, Snap-on was honored to again receive product awards from both MOTOR Magazine and Professional Tool & Equipment News. We believe this recognition reflects Snap-on’s capabilities in translating our deep understanding of professionals’ work into winning innovations. Finally, our results and progress reflect a tremendous dedication and effort all across Snap-on. In that regard, I thank our franchisees and associates worldwide for their commitment and their contributions.”

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