Snap-on reports higher 1Q profit

Kenosha-based Snap-on Inc. today reported first quarter net income of $113.2 million, or $1.87 per share, up from $98.2 million, or $1.62 per share, in the first quarter of 2014.

Operating income was $178.2 million, up from $156.1 million in the same period a year ago.

Revenue totaled $827.8 million, up 5.1 percent from $787.5 million in the first quarter of 2014.

The company was impacted by $38.5 million of unfavorable foreign currency translation and $4.9 million of acquisition-related sales. Excluding those factors, organic sales increased 9.9 percent.

“We’re pleased to begin 2015 with encouraging first quarter results that included broad-based organic sales growth of 9.9 percent and a 15.4 percent increase in diluted earnings per share,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “We believe these results confirm Snap-on’s unique capabilities in providing valued productivity solutions to a growing range of professional customers performing critical tasks in workplaces of consequence. Additionally, we achieved a 120 basis point improvement in operating margin before financial services, further demonstrating our ability to realize ongoing benefits from our Snap-on Value Creation Processes. Finally, this continued progress along our defined runways for both coherent growth and operating improvement would not be possible without the capability and commitment so evident across Snap-on, and I thank our franchisees and associates worldwide for their significant contributions and extraordinary effort.”

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