Snap-on reports robust quarter

Kenosha-based Snap-on Inc. today reported second quarter net earnings of $88.4 million, or $1.50 per share, compared with $76.4 million, or $1.30 per share, in the same period a year ago.

The company’s quarterly sales of $764.1 million increased $26.2 million, or 3.6 percent, from 2012 levels.

Restructuring costs totaled $1.8 million in the quarter. Restructuring costs of $10.2 million in the second quarter of 2012 included $6.8 million for the settlement of a pension plan.

“We believe our performance in the second quarter reaffirms Snap-on’s strengths in serving serious professionals performing critical repairs around the world every day,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “Again this quarter, we achieved higher year-over-year sales and increased operating income in spite of ongoing headwinds in specific parts of our business, and we continued to progress in those strategic areas of importance that we’ve identified as being decisive to our future. For example, our recent acquisition of Challenger Lifts in the second quarter broadens our established capabilities and furthers our advancement along the growth runway of expanding with repair shop owners and managers. Finally, I thank our franchisees and associates worldwide for their significant dedication and contributions, without which these results would not have been possible.”

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