Last updated on July 7th, 2019 at 02:25 pm
Kenosha-based Snap-on Inc. saw net income increase 12.8 percent during the third quarter on the strength of solid performances across its segments.
Earnings during the quarter increased from $1.98 last year to $2.22 per diluted share this, while revenue was up 1.5 percent to $834.1 million.
Nick Pinchuk, Snap-on chairman and chief executive officer, said the company was able to improve margins through improvements in “safety, quality, customer connection and rapid continuous improvement.”
“We believe Snap-on’s third quarter results, including a 12.1 percent increase in diluted earnings per share and continued growth in organic sales, confirm our success in serving serious professionals performing critical tasks and in leveraging our Snap-on Value Creation Processes,” Pinchuk said.
Revenue for the company’s commercial and industrial group was up 0.3 percent to $289.3 million, although organic sales were up by $4.3 million. The company credited higher sales in its power tools, European-based hand tools and Asia/Pacific businesses. Operating earnings for the segment were $43.7 million, up $2.4 million from 2015.
The tools group increased revenue by $16.6 million to $397.2 million, a 4.4 percent jump. Sales were up 5.6 percent organically. Operating earnings for the segment were $64.6 million, an $8.3 million increase.
The repair systems and information group reported $286.1 million in revenue, a $3.2 million increase or 1.1 percent. Organically, sales were up $4.9 million with higher sales of diagnostic and repair information products to independent repair shop owners and mangers.