Kenosha-based Snap-on Inc. reported second quarter net earnings of $76.4 million, or $1.30 per diluted share, up from $66.9 million, or $1.14 per share, excluding an $18.0 million arbitration gain a year ago.
The company’s quarterly sales of $737.9 million increased $11.2 million, or 1.5 percent, from 2011 levels.
“We’re encouraged by our second quarter 2012 results, which we believe validate the strength of Snap-on’s ability to serve ‘the serious’ – professionals performing critical tasks where the costs and penalties for failure can be high,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “We believe the organic sales increase, achieved despite uncertainties surrounding the global macroeconomic environment, particularly in Europe, illustrates ongoing 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. At the same time, we believe the continuing operating margin improvements are a clear reflection of our Snap-on Value Creation Processes and their positive contributions to our enterprise. Finally, I note that the second quarter results and our favorable trends are due to the dedication and efforts of our franchisees and associates worldwide; I thank them for their ongoing support and commitment.”