Snap-on reports robust quarter

Kenosha-based Snap-on Inc. today announced first quarter net earnings of $71.0 million, or $1.21 per share, up from $56.2 million, or 96 cents per share, in the same period a year ago.

The company’s quarterly sales grew to $735.2 million, up 6.0 percent from 2011 levels. Excluding $6.7 million of unfavorable foreign currency translation, organic sales increased 7.0 percent.
“We are pleased to begin 2012 with this encouraging first quarter performance, which we believe offers evidence that Snap-on’s value proposition continues to resonate with our expanding customer base of serious professionals performing critical tasks,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “At the same time, we believe these results underscore our commitment to the Snap-on Value Creation Processes that define our path for improvement. We also believe this performance provides clear testimony to our further advancements along our defined runways for coherent growth: enhancing the franchise network, expanding in the vehicle repair garage, extending into critical industries, and building in emerging markets. The encouraging trend that is reinforced by this quarter’s results once again reflects substantial energy and effort from the entire Snap-on team. In that regard, I thank our franchisees and associates worldwide for their significant contributions and for their ongoing dedication.”

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