Snap-on profit, revenue increase in Q3

Improvements made in all segments

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.

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Arthur covers banking and finance and the economy at BizTimes while also leading special projects as an associate editor. He also spent five years covering manufacturing at BizTimes. He previously was managing editor at The Waukesha Freeman. He is a graduate of Carroll University and did graduate coursework at Marquette. A native of southeastern Wisconsin, he is also a nationally certified gymnastics judge and enjoys golf on the weekends.

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