Snap-on reports robust quarter

Kenosha-based Snap-on Inc. reported third quarter net earnings of $84.6 million, or $1.43 per share, compared with $74.1 million, or $1.26 per share, in the same period a year ago.

Sales of $753.2 million increased $41.6 million, or 5.8 percent, from 2012 levels. Excluding $15.6 million of sales from the May 2013 acquisition of Challenger Lifts Inc. and $7.3 million of unfavorable foreign currency translation, organic sales increased 4.7 percent.

“We’re encouraged by our third quarter results, which reflect a 5.8-percent increase in net sales and a 130 basis point improvement in operating margin before financial services. We believe these results demonstrate our continued progress along our defined runways for coherent growth and underscore the benefits of our Snap-on Value Creation processes of safety, quality, customer connection, innovation and rapid continuous improvement,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “In the third quarter, we were also the only company to receive three MOTOR Magazine Top 20 Tool Awards for 2013, continuing a multi-year streak recognizing our capabilities in connecting with our professional customers and in translating that insight into winning innovation. Finally, these results and achievements reflect extraordinary effort and dedication across the company and I thank our franchisees and associates worldwide for their significant contributions and commitment.”

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