Snap-On Q1 earnings up 16.6%

Kenosha-based tool and equipment manufacturer Snap-On Inc. today reported first quarter net earnings of $82.8 million, or $1.40 per diluted share, up 16.6 percent from net earnings of $71 million, or $1.2 per diluted share, for the first quarter of 2012.

The company had sales for $741.7 million for the first quarter, up 0.9 percent from the 2012 first quarter.

“We’re encouraged with our first quarter performance…despite continuing headwinds that are impacting specific areas of our business,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “We’re focused on our Snap-on Value Creation Processes and are committed to our decisive strategic initiatives…enhancing the van network…expanding with repair shop owners and managers…extending to critical industries…and building in emerging markets. We believe it’s that effective balance which, once again, has enabled progress along our runways for growth and improvement, and has authored the positive performance evident in the first quarter results. I thank our franchisees and associates for their ongoing contributions. Without their capability, energy and dedication, these results would not have been possible.”

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