Snap-on reports higher profit on tool sales

Tools

Kenosha-based Snap-on Inc. today reported third quarter net income of $119.9 million, or $1.98 per share, up from $106.4 million, or $1.76 per share, in the third quarter of 2014.Tools

The tool, equipment, diagnostics and repair products manufacturer reported operating income of $187.1 million, up from $168.3 million in the same period a year ago.

Revenue totaled $821.5 million in the third quarter, up from $806.3 million in the third quarter of 2014.

The results were driven by a 7.2 percent increase in segment sales in the Tools Group and a 4.3 percent increase in segment sales in the Repair Systems & Information Group.

“We believe our third quarter results continue to confirm Snap-on’s capabilities in serving serious professionals performing critical tasks in workplaces of consequence around the world,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “These results, which include 7.3 percent organic sales growth and a 12.5 percent increase in diluted earnings per share, demonstrate continued progress along our defined runways for coherent growth while overcoming headwinds in certain end markets and geographies. The 130 basis point improvement in operating margin before financial services also reflects contributions from our Snap-on Value Creation Processes, which drive ongoing improvements in safety, quality, customer connection, innovation and rapid continuous improvement.”

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Molly Dill, former BizTimes Milwaukee managing editor.

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