Snap-on Inc. reports strong quarter

Snap-on Inc. today reported third quarter net earnings of $74.1 million, or $1.26 per share, up from $67.8 million, or $1.16 per share, in the same period a year ago.

The company reported quarterly sales of $711.6 million, up $14.4 million, or 2.1 percent, from 2011 levels.
Excluding $16.6 million of unfavorable foreign currency translation, the company’s organic sales increased 4.6 percent.
“We believe our third quarter results demonstrate continued progress along our defined runways for coherent growth: enhancing the franchise network, expanding in the vehicle repair garage, extending into critical industries and building in emerging markets,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “These results also underscore the way in which our commitment to the Snap-on Value Creation processes drives ongoing improvement in safety, quality, customer connection, innovation and rapid continuous improvement. As further evidence of our success in connecting with customers and translating that insight into winning innovation, we are honored to have been recognized again in 2012 by both MOTOR Magazine and Professional Tool & Equipment News with multiple awards for Snap-on products in each publication. Finally, these results and achievements reflect significant effort and dedication across the organization and I thank our franchisees and associates worldwide for their extraordinary contributions and commitment.”

 

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